Monday, October 27, 2014

Wealthy Africans spending almost £4million on London property every WEEK

Super-rich African 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 and £4million spent in the city every week. They favour the likes of One Hyde Park
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.
While African buyers only account for 1.5 per of transactions in the 'ultra prime' London market, they make up five per cent of sales by value - up from two per cent. This is by typically spending between £15million and £25million on each home.

Folorunsho Alakija, a billionaire oil tycoon, fashion designer and philanthropist from Lagos, is a big investor in the London market
The recent Ebola epidemic and continued terrorism from groups such as Boko Haram has resulted in an increase in buyers in recent months.
Beauchamp Estates, which sells some of London's most expensive homes, today released a report on African buyers in the capital.
The upmarket estate agency said the buyers are coming from six countries - Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal.
Nigerians are the biggest spenders, with wealthy nationals forking out £250million on London homes in the last three years.
The new wave of super-rich includes Aliko Dangote, a Nigerian business magnate who, with a £16billion fortune, is Africa's wealthiest man.
Folorunsho Alakija, a billionaire oil tycoon, fashion designer and philanthropist from Lagos, is also a big investor in the London property market. She recently bought four apartments in One Hyde Park, the super-exclusive development in Knightsbridge.
Her British-born nephew Rotimi Alakija, who also goes by the stage name of DJ Xclusive, has also invested property in the capital.
It is thought other tycoons have also been eyeing up homes on Kensington Palace Gardens - known as Billionaires' Row.Read more on dailymail
The wealthy buyers are typically spending between £15million and £25million on each home and are purchasing luxury properties
Beauchamp Estates, which sells some of London's most expensive homes, said properties such as the one above are those favoured
Nigerians are the biggest spenders in London, with wealthy nationals forking out £250million on homes in the city in the last three years
African buyers make up five per cent of sales by value in the 'ultra prime' London market - up from two per cent in recent years
Beauchamp Estates said the African buyers are coming from six countries - Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal
The super-rich look to buy luxury property in the 'platinum triangle' which is made up of Mayfair, Belgravia and Knightsbridge
It is thought the property tycoons have been eyeing up homes on Kensington Palace Gardens - known as Billionaires' Row (pictured)
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
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

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