Dubai Times All About Dubai
Rich and affluent African buyers are snapping attractive deals in Dubai’s fast-changing real estate market and buying al kinds of properties in Dubai – from luxury villas to off-plan studio apartments. In recent years, rich investors from Nigeria, for instance, have emerged as the top buyers of property in Dubai from Africa.
Mostly the African investors who are buying property in Dubai are those who are fleeing high interest rates or economic uncertainty in their countries or the super rich VVIPs, who include Africans looking for a safe haven to park their money. An increasing number of affluent and rich Africans are also relocating to Dubai for a safer and more attractive lifestyle.
Following in the footsteps of the “big buck” investors from Africa is a flood of ambitious, aspirational Africans, including the younger generation of tech startup entrepreneurs, social media influencers, cryptocurrency gurus who are shifting to Dubai in search of a richer, wider global audience. As a result, Dubai has been able to attract a wide section of talented as well as wealthy Africans to its shores.
Not surprising then that many real estate agents in Dubai are looking for opportunities to sell properties in Dubai to African buyers – specially affluent HNWIs, entrepreneurs, institutional investors and rich African business persons and political bigwigs.
Interestingly, majority of Africans buying properties are relocating permanently to Dubai. The answer to that is simple – Dubai is one of the most dynamic and rapidly growing cities in the world, poised for even higher growth rates in the coming years.
Dubai also offers endless possibilities and opportunities to create wealth and enjoy a higher standard of living. By investing in Dubai real estate, African investors are able to join the many successful investors who have already taken advantage of the city’s robust property market and experience the benefits of owning property in one of the world’s most sought-after destinations.
Experts believe that skyrocketing property prices in Dubai has attracted African investors who have made investments in buying a small property in Dubai, then sold it at a profit after some time – a practice known in the real-estate parlance as ‘flipping’.
It is believed that most African buyers prefer buying property around $1 million (AED 3.67 million), although some African investors have bought as many as 5 or more properties at that price.
Transfer Money to Dubai
Most African buyers also feel that it is relatively easier to transfer money to Dubai in order to make property purchases. Most banks in Dubai ask all investors to follow the procedure of know-your-customer (KYC) regulations and to comply with stipulated measures that have been in place to avoid money laundering transactions. Most Africans buying properties in Dubai comply with all these regulations and are now reaping rich benefits from their real estate investments.
Dubai Property Market Projections
The property market in Dubai has not yet reached its peak with international demand based on “push factors” bringing people to the UAE, including the war in Ukraine but also the cost-of-living crisis, rising taxes and natural disasters, which are likely to continue. Off-plan properties offering a hedge against higher interest rates as well as luxury homes are likely to be popular options among property buyers from Africa.
According to data provided by the Dubai Center for Statistics, Dubai’s population is expected to grow to 6.2 million by 2040. This steady population growth will lead to more real estate projects, thereby making the Dubai property market an attractive investment opportunity. Not to mention the increased domestic sales as more and more residents opt to buy property instead of renting.
Nigerians: Leading Property Buyers in Dubai from Africa
Nigerians have, by and large, emerged as one of the leading buyers from Africa buying property in Dubai. Therefore, property dealers in Dubai are now targeting potential property buyers in Nigeria.
This year Dubai’s property market started to rebound and recover from the COVID inflicted economic recession and Nigerians, once again, have emerged among top foreign buyers in the property market in Dubai.
Rich and affluent Nigerians have been known to invest in buying second homes in London, New York and Paris where they prefer to shop and holiday. Today, Dubai has also emerged as one of the top destinations for property acquisition by rich Nigerians.
Even during the COVID pandemic upto $6billion had been invested in Dubai’s property market by Nigerians during three years between 2019 to 2021.
Africans Invest in Dubai’s Property Market
For Africans investing in Dubai’s real estate sector it is a convenient process – as investors don’t have to complete arduous paperwork to make an investment as is the case in many other countries. An added incentive is the fact that purchasing a property worth AED1 million or above automatically makes the buyer eligible for a residence visa.
Advertising in Africa – Real Estate Leads from Africa
Africa Business Pages, the leading B2B portal for the African markets since 1996, has been promoting Dubai’s real estate sector among African investors through its multi-pronged promotional and advertising campaigns to generate authentic real estate leads for property developers and real estate agents in Dubai. By connecting property buyers with sellers, Africa Business Pages has contributed in further consolidating FDI between Africa and Dubai.
African Business Pages has a database of over 2.2 million registered users. Using this unique database, the dedicated digital marketing team at Africa Business Pages is able to reach potential property buyers in Africa and redirect them to developers and real estate agents in Dubai. From email marketing, social media promotions to WhatsApp marketing and content marketing, the team at Africa Business Pages is able to reach potential buyers in Africa and connect them with the right developers and real estate agents in Dubai.
Database Property Buyers & Investors In Africa
Africa Business Pages has compiled a dedicated database of High Net Worth Individuals (HNWI) in Africa who could be potential buyers in property and real estate projects in Dubai and other parts of the world. The database of property and real estate leads from Africa aims to further consolidate the direct investments from African buyers into Dubai’s booming real estate and property market. By providing possible leads for property developers in Dubai as well as real estate agents in Dubai the database of African property buyers compiled by Africa Business Pages has helped connect property buyers in Africa with real estate developers and agents in Dubai.
Available exclusively on Africa Business Pages, the African HNWI Directory lists affluent African business people and potential buyers of overseas properties in as many as 20 African countries. By connecting with potential buyers in Africa, real estate developers and property agents are able to reach their target audiences in key African markets. Available for instant download, the Africa HNWI Directory is a perfect resource for those looking to reach potential property buyers in Africa.
