Wealthy African Buyers Spend over £600 million on London Properties in Three Years
London’s prime property market is seeing an increase in wealthy buyers from African nations; they now account for 5% of the “ultra prime residential sales” in the capital, which is an increase from 2% in 2012. The main areas favoured are Mayfair, Belgravia and Knightsbridge. These luxury buyers come from the African nations of Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal.
Practically all of these purchases are homes for end-use rather than rental investment, and properties with secure parking are favoured owing to the widespread passion among such buyers for owning luxury vehicles. There is also a clear trend in favour of newly built and newly refurbished properties. The established community ties for African buyers in London are also a big pull: the Nigerian population of London is around 70,000, for example, and the Ghanan population is estimated at 56,000. As well as strong community links, the prestigious private schools within and around London are a major selling point for wealthy buyers looking to settle in London long-term. These prime properties are viewed as a “safe” and “stable” investment for wealthy buyers in London.
Gary Hersham, director at Beauchamp Estates, has identified this as a trend that is going to continue, and will perhaps even eclipse the presence of Eastern European oligarchs in London’s luxury real estate:
“It is going to be the African century and these six countries are the standard bearers in the London property market. Continental African buyers or luxury tenants in London are currently where the Russians and Ukrainians were five years ago.”
Read more at Propertywire