Yeah I know SW. And villa values aren't subject to quite the same market forces as the 10s of 1000s of apartments are so it looks like they get away with it.
As for the Crash, who at the top will really care? The apartments will have already been sold to foreign buyers as well as regionals (who cares) and "lesser" locals. Those holding the purse strings will have already cashed in their chips.
Great deal if you're in at the top, wouldn't mind some of that action myself. But I'd hate to be a Saudi stuck with two floors of some apartment building whose view has been blocked by an ugly, half-finished concrete blight. Two floors that he planned to offload at exorbitantly-inflated re-sale prices....
Or a European investor who fell for the hype.