As Dubai property market rebounds, Nigerians among top foreign investors | The Guardian Nigeria News - Nigeria and World News

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Despite sluggish economic outlook globally, high-net-worth individuals including Nigerians have continued to invest in Dubai, which boosted the luxury market and saw a record 90,881 residential transactions in 2022, exceeding the historic high of 81,182 in 2009.

•Why market appeals to high-net-worth individuals, by experts

These average rates have not yet surpassed the record highs of 2014, with the average apartment and villa prices being 21.5per cent and 4.2per cent below this peak. In the apartment segment of the market, Jumeirah has registered the highest sales rate per sqft at $632, whereas, in the villa segment of the market, Palm Jumeirah registered the highest sales rate per square foot at $1,067.

In addition, Dubai’s image as a worldwide business and tourist centre, as well as the city’s advantageous tax laws and regulations have contributed to its success in the real estate market. Real estate experts, especially estate surveyors and valuers, said Nigerians are drawn to the Dubai real estate market owing to its security and being a stable place for investment, the city’s developing status as a worldwide business and tourist centre and the comparatively cheap cost of property compared to other large cities.

He said: “Wealthy Nigerians may be drawn to Dubai real estate investments due to the city’s robust economy, stable political atmosphere, and cutting-edge infrastructure. In addition, Dubai’s prominence as a worldwide business and tourist centre may make it a desirable real estate investment location.

 

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