Affordable UAE property for Nigerians! Explore Dubai & Abu Dhabi options, investment benefits & financing solutions

They find the United Arab Emirates to be a desirable location due to its business-friendly regulations, strong economic development, and political stability.

They are drawn to Dubai in particular because of its opulent way of life, tax-free atmosphere, and top-notch facilities.

However, the majority of Nigerian buyers looking into the UAE real estate market prioritize affordability. Although extremely high-end luxury real estate is available in Dubai and Abu Dhabi, there are possibilities for all budgets, ranging from affordable apartments to luxurious villas. In this article, we discover the top low-cost housing options in Abu Dhabi and Dubai.

The UAE Advantage for Nigerians

The United Arab Emirates, particularly Dubai and Abu Dhabi, have become increasingly attractive destinations for Nigerian property buyers and investors. Several key factors are driving this interest:

Strong Economic Fundamentals: Based on statistics from the World Bank, the UAE’s GDP has grown at an average annual pace of 3–4% throughout the last ten years. This creates a steady atmosphere for investing in real estate.

Attractive Rental Yields: Compared to returns in Nigeria, rental yields on property are comparatively high in the United Arab Emirates. According to 2023 yearly estimates by well-known property portal Bayut, gross returns in Dubai and Abu Dhabi may range from 5–9% and 4–8%, respectively, making buy-to-let a potentially profitable proposition.

Government Incentives: The governments of Dubai and Abu Dhabi actively encourage foreign investment in real estate through flexible ownership laws and initiatives like long-term visas for property owners.

A notable example is the UAE Golden Visa Scheme, which offers long-term residency (5 or 10 years) to investors purchasing real estate of over NGN 626.7 million (AED 2 million). This can be particularly appealing for Nigerians seeking a path towards residency or even permanent relocation.

Tax Advantages and Lifestyle Appeal: The UAE offers an attractive lifestyle with world-class amenities, no income tax, and an open environment. This appeals to Nigerians looking for second homes, investment opportunities, or even permanent relocation.

Exploring Affordable Options in Dubai

Dubai Marina

Dubai marina real estate. Affordable UAE property for Nigerians! Explore Dubai & Abu Dhabi options, investment benefits & financing solutions Pulse Nigeria

Nigerians wishing to purchase reasonably priced real estate in Dubai are drawn to Dubai Marina. Situated on the Persian Gulf coast, it provides beautiful waterfront vistas and a vibrant urban lifestyle.

High-rise apartment buildings border the waterfront promenade; according to Bayut, studios start at NGN 172.3 million, while one-bedroom apartments start at NGN 219.3 million. The region is easily accessible by road, tram, and metro networks.

Jumeirah Lake Towers

JLT, with its high-rise skyscrapers containing tens of thousands of residences and workplaces, is another popular option. The master-planned community offers stunning views of the lakes and Dubai’s skyline. According to Bayut, 1-bedroom apartments start at NGN 213.1 million. For convenience, JLT has stores, restaurants, schools, and parks.

Dubai Sports City

Budget housing alternatives are available in Dubai Sports City, with studios beginning at NGN 109.6 million and 1-bed apartments starting at NGN 144.1 million. The sports-themed neighborhood has outstanding facilities and infrastructure.

Arjan

Arjan is an up-and-coming community that offers studios and 1-bedroom units. According to Bayut, prices start at NGN 78.3 million for studios and 1-bed apartments start at NGN 141 million. Located near Dubai Production City, it offers community living away from the bustle of the main city.

Al Furjan

Al Furjan is a rapidly developing community by Nakheel located near Discovery Gardens and Ibn Battuta Mall. With over 4,500 units across 12 residential towers, Al Furjan offers compact 1 and 2-bedroom apartments with studios starting from NGN 125.3 million, making it very attractive for Nigerian buyers.

Exploring Affordable Options in Abu Dhabi

Saadiyat Island

Located just 500 meters offshore from central Abu Dhabi, Saadiyat Island is a prime up-and-coming area. The island features the Louvre Abu Dhabi, Manarat Al Saadiyat Cultural Center, and several luxury beach resorts. According to prices from Bayut, studio apartments start at NGN 197.4 million, and 1-bed units start at NGN 282 million.

Al Reem

Al Reem Island is a man-made island neighbouring Saadiyat Island, connected to the mainland by a bridge. It contains a mix of residential towers, retail outlets, and leisure facilities. The studios in this area are available starting at NGN 134.7 million and 1-bed apartments start at NGN 166 million according to data from Bayut.

Yas Island

Home to the Yas Marina Formula 1 circuit, Yas Island is a top entertainment destination in Abu Dhabi. It features theme parks like Ferrari World and Warner Bros. World, along with Yas Mall and Yas Beach. Yas Island offers a more affordable alternative with studios and 1 BHK starting at NGN 156.6 million according to Bayut.

Al Raha Beach

Al Raha Beach provides waterfront living along the eastern shores of Abu Dhabi island. It consists of 11 residential developments, most with views overlooking the beach. Al Raha Beach properties are priced at NGN 242.8 million for 1-bed apartments and studios can be purchased at a starting price of NGN 209 million as per prices on Bayut.

Al Ghadeer

Located near the border of Dubai, Al Ghadeer is a master-planned community with quality homes and amenities. Developed by Aldar, Al Ghadeer offers spacious villas, townhouses, and apartments. Prices for studios start at NGN 103.4 million according to Bayut & 1-bed apartments start at NGN 137.8 million.

Fees & Process of Buying Property in UAE

Nigerian buyers must budget for more than just the property price. Here’s what to expect:

Fees

Land Department transfer fee (typically 4% of purchase price in Dubai and 2% in Abu Dhabi).
Oqood fee (4% of the original property price for off-plan properties).
Mortgage fees (if applicable).
Agent commission (usually 2%).
Optional legal fees.

Simplified Process

Sign a Reservation Agreement (with a deposit).
Formalize the deal with a Memorandum of Understanding (MOU)
Obtain the No Objection Certificate (NOC) from the developer.
Finalize ownership transfer and pay fees at the Land Department.

Investment Considerations in UAE

Nigerian investors in Dubai/Abu Dhabi shouldn’t just focus on price. Consider location (amenities, lifestyle), goals (rental income vs. appreciation), future development plans, and ownership structure (freehold vs. leasehold). Leisure buyers? Look for beaches, parks, etc. Seek expert advice to maximize your UAE property investment.

Conclusion

In conclusion, Dubai and Abu Dhabi offer attractive real estate markets for Nigerian buyers and investors seeking affordable housing options in the UAE. The country’s strong economic outlook, business-friendly environment, and tax-free incentives make property ownership an appealing prospect. The key takeaway is that thorough research and due diligence are vital before purchasing. Seeking guidance from real estate agents familiar with the UAE market will ensure a smooth buying process.

FAQs

Q1. Beyond affordability, what other factors are crucial for Nigerians investing in UAE real estate?

A1: Location (amenities, lifestyle), investment goals (income vs. appreciation), and ownership structure (freehold vs. leasehold) are all key considerations.

Q2. What financing options exist for Nigerian buyers in the UAE?

A2: Mortgage options from UAE banks, Sharia-compliant financing, and cash purchases are available. Careful research and comparison are recommended.

Disclaimer: This is general information, not financial or legal advice. Consult experts before investing in UAE real estate.

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Exploring affordable housing options in Dubai and Abu Dhabi for Nigerian buyers and investors

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