http://blogs.ft.com/beyond-brics/2012/07/17/dubai-african-hub-nigerian-bolthole/#ixzz225z1WYAE

Dubai has long been the regional hub for the oil-rich Gulf states, but the ambitious city state is never one to rest on its laurels.

The emirate has for years been touting itself as the central node for 2bn people, spanning the Middle East, the subcontinent, central Asia and eastern Africa. Now, even West Africa, an eight-hour flight away, is on its radar.

Paris and London have long been the hub for western African states, but Dubai is now giving these established centres a run for their money. Emirates airline’s Dubai-Lagos flight is renowned for constantly being packed.

Some banks, such as Standard Chartered, have chosen to cover some business lines in sub-Saharan Africa from its regional headquarters at Dubai’s financial centre.

Luring talent to the comfortable Dubai lifestyle is easier than some African postings, while reaching various outposts of the continent can be easier from the city’s thriving airport than other hubs, such as Johannesburg and Nairobi.

As Chinese and Asian firms chose Dubai for their regional headquarters, often these businesses are not only targeting the Gulf, but looking to use the city as a launchpad into sub-Saharan Africa as well. And the investment flows are going both ways.

As Abu Dhabi based newspaper The National reports, Nigerians are flooding Dubai’s property market, especially as it starts to show signs of recovery after four years in the doledrums.

It isn’t exactly a new trend. Even at the property market’s nadir, after the real estate crash wiped more than 50 per cent off average valuations in the autumn of 2008, Nigerians were known as likely buyers. One real estate agent said at the time that Nigerians were the only nationality buying properties as the market went into free fall.

And the Nigeria-Dubai property love-in is still going strong as the property market in general improves. Jones Lang LaSalle in a recent second-quarter report noted that villa prices in Dubai had risen by around 20 per cent over last year, while apartments in popular buildings are flat on the year.

For those seeking a bolt-hole away from the corruption and danger of Nigeria, properties in Dubai are a good option: few questions are asked of buyers.

As such, they are joining a long list of nationalities who have turned to Dubai as an investment haven, especially wealthy investors from unrest-hit regions of the Middle East, such as Egypt, Libya and Syria.

In the past six months, Nigerians are registered behind sales of $52.5m, according to the Land Department.

Some real estate agents, however, place the size of investment in much greater figures, as much as $6bn over the past three years. Dubai property brokerage The First Group opened offices in Nigeria three years ago and now Nigerians account for 60 per cent of its sales.

It’s more good news for Dubai’s property market, which still needs a boost to help it recover from the slump.

More covered here http://www.thenational.ae/business/property/dubai-property-draws-nigerians
One of the buyers is a Central Bank of Nigeria official who is planning to buy property in Dubai due to some "serious concerns" with the state of security in Nigeria.

Good news for them, especially first city properties and bad news for the Nigerian people. Now i see why their ad`s is splashed all over adsense.
I`ll find a way to block them from my blog because in the long run, they are doing me no good.

WE ARE ON TOP OF EVERY SITUATION AS GEJ ALWAYS SAY

miteolu: WE ARE ON TOP OF EVERY SITUATION AS GEJ ALWAYS SAY

Please how does this concern GEJ?

Please what has GEJ need to do with this do anyone ever heard he got a property in Dubai ever before??

Instead for you to say ATIFKU and his Gangs you are calling GEJ or is GEJ again who gave ATIFKU money?

Abeg talk something else bros

Those people get sense die, why won't they ask very few questions, when they knw the money was stolen money, why should i care where u get the money frm, when you r foolishly going to use it to better my economy by buying properties u can't live in.... That's what happens when u've embezzle too much money, u won't knw what to do with it, i knw this politicians will acquire the pacific ocean, if its for sale.... Foolish people...

Why is it that nigerians are busy helping build other countries, but could care less about building their own?? This isn't so loyal.

@Post

Those Nigerians buying property in Dubai are helping their economy. How many foreigners buy properties in Nigeria?

mkmyers45:

Please how does this concern GEJ?

you dont know GEJ quote '' we are on top of the situation'' . Likewise Nigerians are on top of every corruption news in & out.

Tolaaaaannni: Why is it that nigerians are busy helping build other countries, but could care less about building their own?? This isn't so loyal.

I wonder o!

Tolaaaaannni: Why is it that nigerians are busy helping build other countries, but could care less about building their own?? This isn't so loyal.

Why is it that Tolaaaaannni is stating the obvious?

Hop dey ar stil som remainin 4me to buy...

mkmyers45:

Please how does this concern GEJ?

Just how does the looting and tranfer of our commonwealth by a few crooks in power not concern GEJ, then what concerns him then, just his pecks of office and his dear wife right? 6b dollars if injected into Nigeria's housing sector wisely will provide decent houses for atleast 6 million Nigerians including yourself,and you wouldn't need to do this dirty 40 man laptop job. Wake up man and get a real job!

Could they not hurry up and build the Eko-Atlantic city so the thieves can have a home based place to spend their stolen money?? just a thought...!

anyways, the news is late becaos im very sure i saw a music video by Banky the other day...he was on a huge balcony overlooking a city that looks very much like one of those just mentioned above...and the 1st thing that came to my mind was...hmm, these people don waka pass South Africa now, they are branching out big time!

Tstark:

Why is it that Tolaaaaannni is stating the obvious?

Its a free world, i can do what i want. -_-

I pray that wonders shall never end in jesus name!

It will really be nice to have a list of the Nigerians who purchase these properties in Dubai. Then we will be able to determine the the ratio of the buyers who are in government against those purchased by the ordinary Nigerian. They are now going into properties because they know that if they dump their loot in any bank in the world, they can easily be traced.

Have you seen this:

https://www.nairaland.com/822466/corrupt-nigerian-leaders-paint-dubai

im sure that farouk lawan and the subsidy thieves are the ones buying this houses.

thanks 2 our corrupt politicians

The same crooks buying property in UK, USA and now Dubai!!! of course after enough property acquisitions in VI, Ikoyi, Garki etc etc

As the US and UK governments are now against excessive corruption and money laundering, our politicians and business people have turned their attention to Dubai.

Corrupt politicians will go to hell unless they repent and restitute which is to return the money.

Upon all the champagne they have drunk, the designer clothes, the paradise houses and the respect they get on earth, they will rot in hell if they do not repent.

There is no hell? Yeah right, that's like saying there there are no demons or evil spirits or that man has no spirit or soul.

hell, here they come. We know who's going to be big IN THE END

Litmus: Rich people - no matter how they made their wealth - are citizens of the World, they hold no true allegiance to any nation, so no point blowing a fuse trying to instigate or create some sort of division between rich and poor.In such an outcome only the poor suffer especially now in the globalized world economy. The solution to poverty is to be creative and work hard.

I will believe your quotable quote if a sizeable portion of those property owners are neither from our corrupt ruling elites or corrupt oil marketers.I'm sure Bamanga tukur's son will have house there too.

It's truly a shame. Imagine, they build somewhere else, when their country is in dire need of investment. Why?

chey, i dey wonda for these people's mind oo.

~Bluetooth:


I will believe your quotable quote if a sizeable portion of those property owners are neither from our corrupt ruling elites or corrupt oil marketers.I'm sure Bamanga tukur's son will have house there too.

All you state may be true but you can’t touch most of them. Gadafi and the rich elites of Libya didn’t have to stay in Libya anymore than does Assad, and the wealthy elites clique there, need to stay in Syria. Those referred to, only did so and do so out of that Arab Machismo tradition of which we're familial in Laurence of Arabia's bio. Insurrection after insurrection in Nigeria will not harm anyone who falls into the category of the type of wealthy people we're discussing. Insurrections will only make the intolerable situation in Nigeria worst for ordinary people. Even if we did successfully burn Nigerian down, managing to do so keeping a broad consensus of unity, we’d spend billions trying to get back to the level we are at right now. It would take decades, who’s to say what world demand for our oil would be by then? And if we no longer have the sprit of entrepreneurship that we currently do now, largely, because that has been overtaken by the sprit of expectation, which led us to revolution in the first place, how long before dissatisfaction with the outcome of the first revolution lead to a counter revolution and so on?

Tolaaaaannni: Why is it that nigerians are busy helping build other countries, but could care less about building their own?? This isn't so loyal.

Because they know that there is nothing like Nigeria. It is we the people that think there is a country called Nigeria. Truth be told, it barely exists and they know it.


To be fair, its not only politicians buying up properties in Dubai. Regular hard working business people are doing same too. Interestingly and this too me is the crux, world class properties are way cheaper in Dubai than in that trap called Lagos.
It only makes sense to buy a well built fully furnished sea view apartment in Dubai for $500,000 than to buy a plot of Land in Lekki on an untarred road for 80 million Naira.

It will really be nice to have a list of the Nigerians who purchase these properties in Dubai. Then we will be able to determine the the ratio of the buyers who are in government against those purchased by the ordinary Nigerian.[img]http://www.demama.info/g.gif[/img]

'Akotileta'... this is a yoruba description of someone who strips the family of its wealth/property and sells it on. This is what is happening in Nigeria today. The country's wealth is syphoned off to other countries where it is put to good use for the benefit of its citizens. The little wealth that remains in Nigeria is exploited by foreigners (particularly asians) whose actions are not properly regulated because they've cunningly settled the relevant people! In the words of Christ, 'it is not right to give the childrens' food to the dog'! I only hope that one day, we will go beyond talking and blaming 'polititians' to doing something about it... I dare to dream of a better Nigeria.

Well, houses are more expensive in nigeria than dubai sha... A plot at the banana estate. Will buy u 5 houses in dubai.. Not to talk off some juicy areas in abuja.

Hey!!! I'm so against corruption. And I'm certain that my generation will send all these thieves to Jail someday.

iLove Nigeria