Ghanaians and Nigerians invest $6 billion in Dubai property market

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May 3, 2016 5:23 PM

An increased amount of Ghanaians are believed to be looking to the UAE’s property market as a safe investment haven.

Dubai Property Market

Ghanaians and Nigerians have reportedly invested a total of $6 billion in Dubai’s property market over the past four years, as revealed by the financial report of First Group, a property company operating in Dubai, with Nigerians forming 60% of the total number.

The phenomenon, according to the Business Day, is encouraging a growing number of property companies from Dubai to see Ghana as their destination in targeting buyers across West Africa, especially Nigeria.

Dubai has long been the regional hub for the oil-rich Gulf States, but the ambitious city state is never one to rest on its laurels.

Some banks, such as Standard Chartered, have chosen to cover some business lines in sub-Saharan Africa from its regional headquarters at Dubai's financial centre.

Luring talent to the comfortable Dubai lifestyle is easier than some African postings, while reaching various outposts of the continent can be easier from the city’s thriving airport than other hubs, such as Johannesburg and Nairobi.

As Chinese and Asian firms chose Dubai for their regional headquarters, often these businesses are not only targeting the Gulf, but looking to use the city as a launch pad into sub- Saharan Africa as well.

The Ghana-Dubai property love-in is still going strong as the property market in general improves. Jones Lang LaSalle in a recent second-quarter report noted that villaprices in Dubai had risen by around 20 per cent over last year, while apartments in popular buildings are flat on the year.

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