The Dubai property market experienced a crash following a period of rapid growth and overdevelopment fueled by speculative buying. Dubai took on large amounts of debt to finance ambitious real estate projects as property prices nearly quadrupled between 2002 and 2008. However, the global financial crisis hit Dubai hard in 2008 as foreign investment disappeared and property prices fell by around 60%. Nearly half of all construction projects worth over $500 billion were put on hold or cancelled. While the economy has since stabilized and property prices are recovering slowly, Dubai's overreliance on debt and speculative buying during the boom years left it vulnerable when the bubble burst.