Wealthy African buyers now account for 5 per cent of sales in London’s ‘ultra prime’ market according to Beauchamp Estates which sells some of London’s most expensive homes.
A recent article in the Daily Mail claimed that African buyers are spending up to 4 million pounds a week on property based in London.
The London property market
Africa’s oil rich tycoons are flooding into London in the wake of the Ebola outbreak and the risks of terrorism in their countries. They’re also attracted here by the lifestyle and value the cultural advantages as well as excellent education on offer for children.
It’s estimated by Beauchamp Estate agents that as much as £600m has been spent by African investors in the last three years and they believe that this figure is actually expected to rise.
Notable figures snapping up property in London include Aliko Dangote who with a fortune of £16 billion is Africa’s richest man. Gary Hersham, managing director of Beauchamp Estates said: “The situation in West Africa at present is pushing rich African buyers back into Central London at a significantly higher level than is normally experienced.
“While war, disease and terrorism in West Africa grab media headlines, actually for super-rich Africans its domestic wealth, cultural ties to London, general safety and education for their children that are the key attractions for buying a home in central London.”
Wealthy Africans are moving into prime market areas such as Mayfair, Belgravia and Knightsbridge. Oil tycoons from Africa have been known to recently purchase properties on Kensington Palace Gardens, known as Billionaires’ Row.
As a London-based property expert, Simon Morris uses his specialist knowledge of the commercial property sector, to advise UK property investment funds on how to use it to maximise profitability.
For more information on property investments please read Simon’s Guide to Property Investment Options.