The Dubai stock market crashed today, with the main index falling over 6.5%, after being down 8% at one point.

The market has been in a bear market even before today, having fallen about 20% over the last month.

One big negative driver has been Arabtec, a big construction company, whose shares have been plunging amid layoff rumors. The stock is down 50% this month.

Something to know is that Dubai is one of the hottest real estate markets in the world and it got crushed in the last crash.

Here's a chart showing just how insane Dubai's gains have been. Prices rose 32% in Q1 from a year ago. So this is definitely something to watch.