Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,205,003 members, 7,990,776 topics. Date: Friday, 01 November 2024 at 12:40 AM

Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai - Properties - Nairaland

Nairaland Forum / Nairaland / General / Properties / Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai (339 Views)

AUTOGRAPH PLUS: Own A Studio, 1, 2, 3 Bed In An Hotel Apartment At Victoria Isla / Now Selling The Autograph Plus - Hotel Apartment In Victoria Island / Sales Offer: One Executive Bedroom Serviced Hotel Apartment Suite Abuja (2) (3) (4)

(1) (Reply) (Go Down)

Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Nobody: 5:21pm On Mar 13, 2021
|By TAP Staff| Nigerian property investors account for 60 percent of hotel apartment purchases in the Dubai hospitality market, according to a Nigerian newspaper.

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, the BusinessDay newspaper said.

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, 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.

Kadiri added that the market was mature and offering levels of return on investment hard to ome by in other markets. “Again, property transfer processes here are done in less than 72 hours”, he stressed.

“Dubai, like Nigeria, is a trading economy, but unlike our dear country, it is the biggest tourism market in the world, with its tallest building in the world, the only 7-Star hotel in the world, among many other monuments”, Johnson Chukwuma, a real estate consultant, explained to BusinessDay.

Chukwuma added that this accounts for the huge influx of tourists and businessmen to the country and the corresponding huge demand for hotel rooms, which is growing steadily.

The Dubai Department of Tourism and Commerce Marketing (DTCM) data obtained by BusinessDay shows that in 2013, 11.01 million guests lodged in hotel establishments, compared to the guest number of 9.96 million in 2012.

The data estimates that with the rising guest figures, by 2020, when Dubai will host the World Expo , it will indeed achieve its target of attracting up to 20 million hotel guests.

Riding on this growing demand and the expected guest explosion that would go along with the World Expo in 2020, Dubai property developers, notably, First Group, the British property development company based in Dubai, are undertaking hotel apartment projects.


An official of the company who did not want to be named, told BusinessDay that investor-contributions towards owning a one-bedroom apartment, range from $350,000 to $600,000 spread over a two-year period, advising that forward-looking investors should tap into the growing opportunities.

Investment in the Dubai property market by Nigerians is not an isolated case, as a recent report by the Daily Mail Online—an online property portal anchored by Olufemi Babalola—reveals that Nigerians dominate the list of Wealthy Africans spending almost four million pounds on London property every week.

According to the report, these super-rich Africans look to buy luxury property in the ‘platinum triangle’ made up of Mayfair, Belgravia and Knightsbridge, quoting Gary Hersham, the managing director of Beauchamp Estates—a London-based real estate firm—as saying that he had had three super-rich Nigerians enquiring about homes in just one week.

“While war, disease and terrorism in West Africa grab media headlines, actually, for super-rich Africans, its domestic wealth, cultural ties to London, general safety and education for their children are the key attractions for buying homes in central London”, the report submitted.

The report estimates that 80 per cent of these super-rich spend between £15 million to £25 million on a residential property, with 10 per cent of them spending more than £30 million, pointing out that “if they are not buying, they are renting luxury homes for up to £15,000-per-week and staying for between six weeks and three months per year”.

“London’s reputation for having a residential property market, which is secure and a stable investment, is one of the main reasons wealthy Africans are buying”, Hersham notes, adding that historic cultural and community ties are other reasons.

https://thearabianpost.com/nigerians-buying-up-dubai-hotel-apartments/
Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Nobody: 5:23pm On Mar 13, 2021
.

Dubai has become the new Switzerland for Nigerian politician to bank stolen funds and invest proceeds of money laundering.

Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Spending123: 5:30pm On Mar 13, 2021
.
Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by hisgrace090: 5:32pm On Mar 13, 2021
While the country deteroriates with speed.

1 Like

Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Mabizeka: 5:34pm On Mar 13, 2021
All this under a certain general

1 Like

Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Olobofife(m): 5:35pm On Mar 13, 2021
Buhari is clueless, a very stupid lifeless animal.

1 Like

Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Nobody: 5:37pm On Mar 13, 2021
Olobofife:
Buhari is clueless, a very stupid lifeless animal.

Lalasticlala,Mynd44,Seun,Dominique

Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Nobody: 5:38pm On Mar 13, 2021
hisgrace090:
While the country deteroriates with speed.
cry
Re: Arabian Post:Nigeria Accounts For 60% Of New Hotel Apartment Purchases In Dubai by Nobody: 6:08am On Mar 14, 2021
hisgrace090:
While the country deteroriates with speed.

(1) (Reply)

A Brand New And Functioning Fertilizer Company Is Out For Sale:::::::::::::::::: / 2-units Of 2-bedroom Semi-detached Bungalows,mowe. / Government Stop Work Order On New Lekki Estate

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 15
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.