Ferrari left to rot.

['The Gaffer']

Ferrari left to rot.

This Dubai owner obviously gets bored with new toys quickly.



EDIT: Less money than sense

[Furore Phil]

That is so sad ! - what a waste

[David H]

!!!!!

[Bulldog Bri]

It's down to the property bubble bursting over there, people can't afford to keep the cars and the houses, they've lost millions  and they are just parking the cars up and leaving them with keys as well  I've heard 

[Dixie]

It's down to the property bubble bursting over there, people can't afford to keep the cars and the houses, they've lost millions  and they are just parking the cars up and leaving them with keys as well  I've heard 

My heart bleeds purple piss for them.  Thier greed will end up costing all of us money, and making any endowments we have worth even less. The bubble had to burst sometime.  But as usual we'll end up bailing them out.

['The Gaffer']

How about we hire a few car transporters and go pick up a few nice motors

[YellaBelly]

How about we hire a few car transporters and go pick up a few nice motors

Sounds good to mePhil

Apparently the guys are leaving the cars at the airport on their way out of there, if you get in touch with the loan comopanies they are selling them on for the outstanding balance

Where's me passport?

[gingerpaul]

It's because if you fail to honour a debt, even bounce a cheque, you're locked up until it's paid for. A friend of mine's dad was working in construction out there until about 18 months ago and he said people were turning up at the airport in brand new £50,000 Mercs, parking at departures, leaving the keys is  the ignition and getting on the first plane out of there. Some even left notes apologising to the finance companies!

I could never understand people buying property out there. People were spending x hundreds of thousands on skyscraper flats being put up in the middle of the desert thousands of miles from anywhere useful in some pretty dodgy buildings by all accounts. Add to that that the government/royalty/whatever it is can take back anything they want at any time it's seems crazy to me that people ever considered it. Would you buy a home here if Gordon Brown could turn up one day and call dibs on your house?!

Dubai has already been bailed out once by Abu Dhabi. It has no oil to speak of to dig itself out so it will be interesting to see if they have to be bailed out again. At least the total debts there "only" total $80bn, approximately 1/2 of the amount of money we have simply magiced up out of thin air over here so far, so even if it did all go boom I don't think it would do too much damage.

['The Gaffer']

Interesting post GP.

I heard you have to be a resident there to buy a car?

Would you buy a home here if Gordon Brown could turn up one day and call dibs on your house?!

The bast**d has just done that to my mums house now that she's in a residential home