Boom in Real Estate deteriorating life in Dubai

Dubai, Mar 1: A common feeling of deteriorating quality of lifedue to boom in real estate is growing among the people of Dubai, whofeel government intervention is needed to create affordable housingcommunities, a survey has revealed.

The half-yearly survey on Dubai's real estate sector showed 78 percent of the people surveyed felt there was a demand- supply imbalancein Dubai's property market.

Covering 567 residents (20 per cent of whom were UAE nationals, 60per cent expatriates from the Indian subcontinent, 15 per cent Arabexpatriates and 5 per cent other nationalities) who have lived in thecity for three years or more, the survey focused on urban planning,quality of life and other issues that the city is dealing with.

78 per cent of the respondents said the luxury apartment segmentwas over-supplied while 89 per cent said the medium income groupsegment was under-supplied.

About 72 per cent of the respondents said the construction boom had a negative impact on their life.

Of those who said their quality of life has deteriorated, 54 percent said rent hike was the most worrying factor while 46 per centvoted traffic congestions as the critical determinant.

About 81 per cent said they were certain the quality of life wouldimprove once the construction projects are complete while 12 per centfelt nothing will change.

With regard to the improvement of the real estate industry, awhopping majority of 92 per cent said there needs to be a betterregulation of the industry.

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