The case is similar in Hong Kong that M3 is priced way way expensive. I believe it may be partly due to the appreciation of EUR vs USD which HKD is pegged to. Other European cars were priced probably based on the exchange rate in late 2006 while the new M3 is priced based on current exchange rate.
the list price of E92 M3 is some 85% of the list price of E60 M5 or of a 997s. A 2006 Marsarati Quattroporte cost some 10% less compared to a new E92 M3. They may not be the same sort of car but I am really thinking of taking back my deposit and buy a used Marsa or 997s.