Wealthy Africans spending almost £4million on London property every WEEK as they snap up some of the most exclusive investments in the capital

1414342958655_wps_53_Some_of_the_current_super[1] — Nigerians are the biggest spenders in London, with wealthy nationals forking out £250million on homes in the city in the last three years

Super-rich oligarchs spending almost £4million-a-week on London property, new report by estate agent reveals
More than £600million has been spent in the capital by Africans within the last three years and its on the increase
Cultural ties, education and wealth all factors in move to UK, as well as risk of terrorism in home nation and Ebola
Report shows the wealthy buyers are mostly from areas in Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal

Wealthy African buyers are spending almost £4million on London property every week as they look to snap up exclusive investments in the UK, it has emerged.

Super-rich oligarchs are taking their vast resources and investing them in the safe haven of London property – with more than £600million spent in the capital in the past three years.

A mixture of traditional reasons combined with increased terrorism and the outbreak of Ebola is said to be behind the dramatic influx of African money to the capital.

Gary Hersham, managing director of Beauchamp Estates, revealed he has had three super-rich Nigerians enquiring about homes in the past week alone. This is despite the average person in Nigeria earning just £850 per year

He said: ‘I’ve had an upturn in African buyers over the last few months.

‘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.’

Mr Hersham said these super-rich look to buy property in the ‘platinum triangle’ which is made up of Mayfair, Belgravia and Knightsbridge.

Around 80 per cent spend between £15million to £25million on a residential property, with ten per cent spending more than £30million.

If they are not buying, they are renting luxury homes for up to £15,000-per-week and staying for between six weeks and three months per year.

London’s reputation for having a residential property market, which is secure and a stable investment, is one of the main reasons wealthy Africans are buying, according to Beauchamp Estates.

1414343047615_wps_69_Some_of_the_current_super[1] — If they are not buying, they are renting luxury homes for up to £15,000-per-week and staying for between six weeks and three months

Another reason is historic cultural and community ties.

Nigeria is a Commonwealth country and there is a community of 70,000 in London. There are a similar number of Ghanaians in the capital.

The third reason is education, with King’s School Canterbury, Wycombe Abbey, Cheltenham Ladies College, Eton, Harrow and Bradfield are among the favourite private schools for wealthy families from Africa.

According to the Nigerian embassy, Nigerian nationals spend more than £300million-a-year on tutoring, accommodation, fees and equipment at British schools and universities.

Mr Hersham added: ‘It is going to be the African century.

‘Continental African buyers or luxury tenants in London are currently where the Russians and Ukrainians were five years ago.

1414343018132_wps_63_Some_of_the_current_super[1] — Beauchamp Estates said the African buyers are coming from six countries – Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal

‘At present virtually all the transactions are for end use, not rental investment, which indicates that the African buyer market in London has significant room for growth and maturity.

‘Nigerians have been long standing property purchasers in the central London market, going back to the early 1980s.

‘However, in the 1980s and 1990s they typically purchased houses in North London, in Hampstead, St Johns Wood and Primrose Hill.

‘Now, enhanced wealth has enabled them to move into the ultra prime market in Mayfair, Belgravia and Knightsbridge, and have been joined by affluent purchasers from other West African and French equatorial states.’