Myra Properties, a UAE-based developer of high-end luxury properties, has launched its latest apartment project in Dubai, to target the growing community of young millennial expatriates who are increasingly relocating to Dubai for employment or wishing to invest in lucrative properties in the region, said a report.

The Crystal Residence is a Dh150 million ($41 million) ultra-luxury residential apartment project featuring 225 units of studio, one-, two- and three-bedroom units, reported Khaleej Times.

Over the past decade, millennials - also known as Generation Y (in the age group of 18 to 36 years) - have emerged as the most desirable demographic to reach out to due to their high purchasing power, said experts.

Across the world millennials are taking the workplace by storm, whether it is sales, IT, hospitality, marketing, financial services or hospitality, they added.

Myra Properties believes that with such a young population increasingly entering the UAE, there would never be a better time for the real estate industry.

Located prominently in the fast-growing Jumeirah Village Circle community of Dubai, the project is expected to be completed by April 2018, well ahead of Expo 2020, it stated.