Real estate prices are down 30% over the past couple of months, leaving the wealth-chasing foreign workers who make up 90% of the city’s population scrambling to cover the expense of their lavish lifestyles. The local construction boom has ground to a halt and the government is rumored to be revoking 1500 work visas each day. Adding insult to injury, those who lose visas are required by law to vacate the country within a month. So much for that dream job…
How bad is it? Area papers are reporting the Dubai airport has turned into graveyard for luxury cars. Over 3000 whips have been ditched in the airport’s parking garage, many with notes of apology taped to the windshields and maxed-out credit cards littering the interior.
And the fate of the Palm Jumeirah, Dubai’s signature palm tree-shaped artificial island complex? Word is not only is the archipelago sinking, when visitors to the island’s hotels turn on their faucets in place of water they get a steady stream of cockroaches.
I guess now’s your chance to get a piece of The World at deep discount. What better vantage point to watch the region go to shit than your own private (manmade) island?