Dr. Jane Kimemia, the CEO of Premiere Immigration and Advisory, has highlighted that the Dubai real estate market remains appealing to Nigerian investors and others, thanks to its high rental returns, enhanced security, and confidence in the economy. Recent data indicates that in 2024, approximately 6,000 new millionaires relocated to Dubai, bringing the total of dollar millionaires in the city to over 85,000, a trend that shows no signs of slowing down. Dr. Kimemia shared her insights during the Binghatti Africa Property Show, which focused on premium real estate opportunities in Dubai.

The influx of new residents includes individuals from various countries, such as the UK, India, China, Ukraine, Russia, and different African nations. In 2024, Dubai was ranked as the fifth safest city globally, contributing to its appeal through security, quality of life, and economic stability. High-net-worth individuals show increasing interest, alongside a robust tourist population. Rental yields in Dubai significantly surpass those in cities like London, where landlords average about 2.7%. In Dubai, yields can reach between 8% and 9%, making it an attractive destination for investors.

Furthermore, the stability of the currency in Dubai aids in wealth retention and capital preservation. Unlike many regions, Dubai does not impose property taxes, capital gains taxes, or income taxes. The digitization of property processes simplifies transactions, making buying and selling easy. With Nigeria’s current currency situation, many investors are keen to diversify their portfolios with Dubai investments which guarantee a stable economic return in USD.

Dubai is poised to become home to the world’s largest airport and shopping mall, establishing itself as a global financial hub. This growth, paired with substantial investments in transport and infrastructure, enhances its attractiveness. Chief Austin Albert, Chairman of Loft & Keys and Premiere Immigration and Advisory, emphasized the unique market positioning of Binghatti, highlighting its efficient construction processes and impressive track record of delivering high-quality residential units promptly.

Adel Azzam, Binghatti’s Head of Business Development, shared that the firm launched 18 new projects this year, catering to both short- and long-term investors. For Nigerian buyers, the tax-free investment environment offers dollar-denominated returns, with properties starting around $180,000 and potential capital appreciation between 8% and 12%. Additionally, special incentives like a 50/50 payment plan and exclusive discounts are available to facilitate property ownership, making Dubai an increasingly attractive market for Nigerian investors.