Friday, October 31, 2014
Nigerians account for 60% Dubai apartment sales
A steady shift from the development of residential to hotel apartments in Dubai, riding on the back of the huge tourist and business traffic, is likewise seeing a significant paradigm shift in the investment portfolio of Nigerian property investors who today account for 60 percent of hotel apartment purchases in the burgeoning Dubai hospitality market.
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...Read More
Posted by Felix Ibizugbe