As a Dubai resident, I have to say that Damac, the developer offering this ridiculous scheme, is rubbish and its buildings are rubbish too. Damac recently listed on the London Stock Exchange hoping to raise $500 million but only managed to raise in the region of $350 million. Poor show from a property developer in a region which is undergoing a property boom. It isn’t government backed though which probably goes someway towards explaining the poor response, but being government backed doesn’t guarantee success, just ask that other famous Dubai property developer Nakheel.
Oh, and another property bubble is building and is doing so rapidly.
In other words, the properties asking price is at least the value of the car over what the value of the the property is.
It’s a good way of artificially inflating prices. A $3 million penthouse may sell foe $4 million. Other people buying later will pay $4 million because thats what everybody else in the area has paid. Yay for property bubbles.
On a side note, the front page of that news website has a story about it actually raining in the UAE, like it’s a freak occurrence.