Saturday, February 7, 2009

Park and Fly

Our lovely friend Sarah Lewison just sent us a story about expats living in Dubai, who are now in trouble due to the global economic crisis. Apparently, airport authorities there have found more than 3,000 abandoned cars, left by people fleeing debts that they can no longer pay.
Some stats from the story:

3.62 million expatriates in Dubai

864,000 nationals

8% population decline predicted this year, as expatriates leave

1,500 visas cancelled every day in Dubai

62% of homes occupied by expatriates 60% fall in property values predicted

50% slump in the price of luxury apartments on Palm Jumeirah

25% reduction in luxury spending among UAE expatriates

We wonder if that explains this.

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