The comments below this article are better than the article. The article states that there are 3,000 abandoned cars in Dubai from expats escaping debt. Some claim only 11 abandoned cars, others say 200. Either way I doubt its 3,000.
Mostly all of these articles claim the glamour and glitz is leaving Dubai. Which makes me wonder, where the hell are these people going? A recent AdAge article states; “In percentage terms, the ad industry is faring worse than the overall U.S. employment market.”
We all know the economy is having a bad day. But I wanted to know the truth about expats leaving Dubai. Here is what I found;
The Business Times reports: (http://bit.ly/P20a)
Heading home
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
Sources: arabbusiness.com ; Times database
