Nigerians, Kenyans lead African real estate investment surge in Dubai

In recent years, Dubai has emerged as a prime destination for African real estate investors, with many seeking to capitalise on the city’s booming property market and favourable living conditions.

According to Tahseen Syed, managing director of Knightsbridge Properties, this trend has been particularly pronounced among investors from countries facing economic challenges who are looking for safer investment opportunities and a higher quality of life.

Economic stability and investment opportunities in Dubai
Syed told TUKO.co.ke that the allure of Dubai lies in its economic stability and robust real estate sector and that many African nations have faced significant economic instability, prompting investors to seek more secure environments for their capital.

“Dubai’s real estate market offers a range of options, from luxury apartments to commercial properties, appealing to diverse investment strategies. The city is known for its high rental yields and potential for capital appreciation, making it an attractive option for those looking to diversify their portfolios,” Syed said.

The Kenyan and Nigerian influence in Dubai real estate Syed noted that Nigerian investors have been at the forefront of this migration, making substantial investments in Dubai’s real estate even during the pandemic.

“The desire to escape economic uncertainty back home has driven many wealthy Nigerians to explore opportunities in Dubai. The city’s cosmopolitan lifestyle, coupled with its strategic location as a global business hub, makes it an ideal choice for those seeking both lifestyle and investment prospects.”

Similarly, affluent Kenyans are increasingly turning their attention to Dubai’s luxury property market and with a growing middle class and an increasing number of high-net-worth individuals in Kenya, there is a strong interest in investing abroad.

Dubai’s luxurious offerings and reputation for safety and security make it an appealing destination, and many Kenyans are drawn not only to the potential for high returns but also to the opportunity to enjoy a vibrant lifestyle in a global city.

Welcoming policies in the UAE
The UAE’s welcoming policies towards foreign investors further enhance its appeal. Initiatives such as long-term residency visas and various investment incentives have made it easier for African investors to establish themselves in Dubai.

Notably, the UAE has emerged as Kenya’s top trading partner, with the largest percentage of Kenyan exports landing in the country.

Additionally, the UAE has emerged as one of the top destinations for Kenyan workers seeking greener pastures abroad, which adds to its appeal to Kenyan investors.

Syed has over 15 years of experience in Dubai’s real estate market, and he noted that many are drawn by the potential for lucrative investments and the high standard of living that the city offers.

In summary, the influx of African real estate investors into Dubai reflects a broader trend of seeking stability and opportunity in an ever-changing global landscape and as more individuals recognise the potential benefits of investing in this dynamic city, the trend is likely to continue growing in the coming years.