Demand for completed apartments in Dubai is at an all time high, given its current industrial growth and the consequent population explosion. Requirement will continue to mount as long as the demand-supply disparity prevails in the Dubai property market. In spite of the substantial construction activity in Dubai, a dearth of mid-level housing still persists in the emirate. This is augmented by Dubai's latest directive to residents and owners of illegal constructions.
The Dubai Municipality has called upon occupants and landlords to vacate illegal premises in accordance with the Local Order No. 3 of 1999, pertaining to organizing building activities in Dubai. In addition, the Municipality has launched a campaign to regulate labour, bachelor and multi-family accommodation in residential areas. These measures will definitely escalate demand for housing across the emirate, igniting rents and prices.
Unlike the property markets in America and Europe, the Gulf peninsula led by Dubai is experiencing an economic boom that is driven largely by an increase in national income from soaring oil revenues. The high rate of per capita affluence along with the modernization in legislations and laws are key factors in attracting businesses which also facilitates further investments into the property market.