Luxury Home Deals Abound. Dubai, Anyone?

Dying to buy a deeply discounted condo in the Islamic world's playground, Dubai? Does your heart palpitate at the thought of a cut-rate beach villa in Portugal's western Algarve region? Or perhaps you're feeling lucky, and want to take chance on a lavish townhouse in the heart of Dublin, Ireland?

If the answer to any of these seemingly arbitrary questions is yes, then you're in luck right now. According a report sponsored by British real estate firm Knight Frank LLP and Citi Private Bank, the luxury real estate markets in these three areas have dropped 45 percent, 33 percent and 25 percent, respectively, in the year ending December 2009.