It seems that the financial situation of Dubai is completely different to what it used to be. Once a thriving City, full of entrepreneurs, the worlds most expensive hotel and the tallest building in the world, its no wonder people chose this once magnificent place as a ‘second home’ location. A property purchase in this city was seen as an investment of the highest proportions.
Then, the recession hit it. Hard.The flourishing city ground to a halt. Building sites ceased work, and people who had emigrated to Dubai for financial security and tax-free wealth were at risk of being thrown in jail for being in debt! The airports saw a rise in passengers in the middle of the night, trying to flee from the authorities. Luxury cars, which are considerably cheaper in Dubai were abandoned at the airport, or in the street. Spent credit cards were left in the glove-box, and notes of apology often left on the windscreens. In 2009, over 3000 cars were left, gathering dust. What a waste!