The attraction of working in Dubai has always been strong. Who wouldn’t have been tempted? – tax free earnings, luxurious properties and cars – a lifestyle to dream of!
An ambitious plan to transform Dubai into a hub for business and tourism was put into place by Emir, Sheikh Mohammed bin Rashid Al Maktoum.
People flocked to Dubai – construction and developments such as World and Palm were dwarfed by the Dubai Waterfront, twice the size of Hong Kong.
Unfortunately the Waterfront project ceased once an investigation into fraud and corruption commenced and of course the recession is taking its toll.
Property prices are forecast to drop by an estimated 50%. Construction companies have delayed or cancelled projects, tourism is slowing and redundancies are in full flight. With the burst bubble, people are leaving in droves – what does that mean for cars?
Well the world car industry is in a mess to say the least and Dubai is certainly not immune. People have overcommitted to a lifestyle and The Emirate’s banks are not affiliated with international financial institutions, so those who flee do not have to worry about creditors – this sounds like a dream come true!
Those who have decided to leave have packed their bags and fled – extremely quickly. They are abandoning their cars at the airport and rather than risking jail for defaulting on loans they have left their cars behind – some with the keys still in the ignition.
Over 3,000 cars have been found, some even have the owners’ credit cards in the glove box – a new Armani suit or Versace dress would be a nice addition to anyone’s wardrobe.
For those who are looking to pick up a Mercedes, BMW or Porsche – head to Dubai Airport – all cars are available for the cost of an airfare…sounds like the deal of the year!