Harsh business environment stalls real estate growth as FDI declines

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The Nigerian real estate industry has faced significant challenges as a result of the country’s economic downturn, unfavourable policies, inflation and naira devaluation, which have hindered foreign investment in the sector, JOSEPHINE OGUNDEJI writes

Dubai’s luxury market continues to thrive despite global economic challenges, attracting investments from high-net-worth individuals, including Nigerians.

This indicates a substantial increase in both transaction volume and value, underscoring the expanding role of Nigerian investors in Dubai’s real estate sector. “The city’s real estate has continued to remain stable and steady, defying global markets’ slowdown and recession trend. Factors such as the recent pandemic, rising taxes, cost of living crisis, natural disasters, and the ongoing Russia-Ukraine war, amongst others, have tended to push many citizens looking for the safety of their families and businesses to migrate to Dubai, which has remained number one destination for high-net-worth migrants,” he enunciated.

Similarly, the Managing Partner, Ubosi Eleh and Co, Chudi Ubosi, said FDI had increased over the years, but with minimal impact on the building sector. He said, “Programmes that would encourage exportation to attract inflow of forex to drive down rising forex exchange rate are essential. The government needs to block all loopholes that provide opportunities for people to cut corners and engage in sharp malpractices through proven e-processes that are transparent in operation.”

 

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