If information reaching us is true, Nigerian investors in Dubai’s real estate market may have the worst times as the UAE’s property market prices have fallen by the most in the world, according to Knight Frank’s Global House Price Index for the second quarter of 2015.
60 percent of real estate property in Dubai is owned by Nigerians, with most of them politicians and businessmen.
Knight Frank’s Global House Price Index of 2015 index ranked Dubai’s property sector 56th out of 56 markets covered around the world with an annual price slump of 12.2 percent.
Months ago, the once sizzling Dubai property market slumped to as low as 51.8 percent drop in the volume of transaction and 37.1 percent drop in the value of transaction.
In the last ten years, individuals and institutional investors from different countries around the world have been investing in the country’s booming real estate market.
Prior to the global recession of 2008-2010 that affected many of the investments in many asset classes, many people flocked and invested in the market, reaping high yields.