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There May Not Be Best Time To Travel As Naira Witness Perpetual Crash
There may be no better time for Nigerians interested in moving abroad. A strong dollar against a weak naira; a strong dollar relative to that of euro, more remote work options, and new EU visa programmes give would-be expats opportunities to move to Europe, where they may find homes cheaper than any other time this century.
The median sale price for a home in the Nigeria reached N4.36million naira in June, according to the Association of Estate Management in Nigeria, putting home ownership out of reach for many Nigerians. In fact, mortgage applications are at their lowest level since 2000.
But as the AP reported, the euro has hit parity with the dollar for the first time in 20 years, making European home ownership more attainable for some Americans who can afford it. Naira has also dropped below more than average, as it is just N290 to complete highest Nigeria note—1000. There many not be a better time to travel than this time.
And moving abroad may be more convenient for Nigerians who have greater flexibility since the start of the pandemic or are more willing to leave their jobs.
In an article recently published by Forbes and written by travel writer, Alex Ledsom, Bloomberg has reported that this interest of travelling has developed in all socials:
At one end, real estate specialist Sotheby’s has seen an increase in interest in moving to Greece jump by 40% in the three-month period of April to June 2022, compared to the year before. Real estate agent Knight Frank also reported that the demand to move to France and Italy from the U.S. is the highest it’s been in three years.
At the other, Bloomberg reported on younger Americans who are being lured by cheaper housing in Europe than is currently found in American cities—the example it gives is for an 800-square foot property in Sicily for €86,560 (around $88,500).
Assuming the financials work out, the biggest obstacle, however, might be how to stay in Europe. True, there are an increasing number of European countries offering visas to remote workers—with others, such as Italy, planning to introduce one soon.
For people with more money, a number of countries, such as Portugal, offer second passport schemes—this has been particularly successful with U.S. expats whose population increased by 45% in Portugal in 2021 compared to 2020, according to figures from the Portuguese government.
A skills-based visa might be the answer—The Washington Post recently reported on a number of lesser-known visa schemes for relocating to the EU and U.K. such as the U.K.’s ‘Global Talent Visa’ or France’s ‘Passport Talent’ scheme.
Of course, while it might be more feasible right now for more people to move to Europe, that doesn’t necessarily mean it would be easy to adapt. For one thing, consuming in and moving about European cities is completely different than in the U.S., whilst in big cities, affordable space would still be an issue.
The most affordable housing in cute European villages would be Instagram-perfect but may still lack the amenities which many Americans take for granted, such as parking, air conditioning or a dependable internet connection.
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