Business Nigerians Account for 60% Dubai Apartment Sales

[LequteMan]

Nigerian property investors today account for 60 percent of hotel apartment purchases in the burgeoning Dubai hospitality market, BusinessDay reports.

Excerpt:

During the property market boom which suffered a crash in the world economic recession of late 2008 to 2010, Nigerian investors accounted for well over 40 percent of Dubai’s residential market, such that a significant number of houses on Palm Jumaireh—one of Dubai’s exclusive locations—belong to Nigerian home buyers.

Investing in hotel apartments in Dubai is fast becoming a new investment lifestyle, particularly for Nigerians and Arabs, and this, according to close watchers of the market, is driven by the United Arab Emirate’s (UAE’s) duty free environment and increasing demand for hotel rooms and apartments in the city touted as the cynosure of the Arab world.

Abdulraham Kadiri, the CEO of Ark Gold Properties, a Dubai-based property vendor, had explained to BusinessDay that the attraction to this market also arises from the country’s land policy, which allows non-citizens to own properties without much encumbrances from native laws.

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#Nigeria #Dubai

 

[curator]

That should read - A few Nigerians Account for 60% of Dubai Apartment Sales

@Vunderkind @Jules @Samod Biobaku

 

[abujagirl]

Don't be hater @curator

 

[curator]

Don't be hater @curator

But it is true. We are 170 million and the last time I checked most people were not buying private jets or houses in London, Dubai, Cape Town or New York. All the articles keep mentioning the same 10 or so names.

 

[LequteMan]

If everybody is rich, nobody is rich. @curator

Plus the world won't be an interesting place...

 

[curator]

If everybody is rich, nobody is rich. @curator

Plus the world won't be an interesting place...

I was just correcting the perception that all Nigerians are in the position to buy these properties. The reality is VERY different. Most people around the world can't buy the properties

 

[Samod Biobaku]

I'm riding with @curator on this one. The loose use of the word 'Nigerians' sends out the impression that majority of Nigerians can afford to buy property in Dubia - a far cry from the reality on ground. We all know who these Nigerians are and we known they usually don't work 9 to 5 jobs.

 

[LequteMan]

But they're still Nigerians right? Po-te-to, Po-tah-to