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Knightsbridge,
which is top of the African oligarchs' shopping list, along with Mayfair and
Belgravia. Photograph: View Pictures/Rex Features
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A
new wave of African oligarchs are following the trail blazed by Russian
billionaires, buying up luxury properties in some of London’s most exclusive
postcodes, according to new research.
Buyers
from six African countries – Nigeria, Ghana, the Democratic Republic of the
Congo, Gabon, Cameroon and Senegal – are estimated to have spent a total of
£600m on luxury residential property in the capital over the past three years.
They now account for 5% of all ultra-prime London residential sales by value,
up from 2% in 2012, according to figures from prime property specialist
Beauchamp Estates.
The
purchases by the wealthy Africans are concentrated in the so-called “platinum
triangle” of Mayfair, Belgravia and Knightsbridge. Most, around 80%, typically
spend £15m-£25m on a property, with 10% spending over £30m and the balance
paying less than £10m, according to Beauchamp’s figures. Some of the key
addresses include Eaton Square, One Hyde Park, Grosvenor Square and Regent’s
Park.
Gary
Hersham of Beauchamp Estates said that African buyers were “currently where the
Russians and Ukrainians were five years ago”. Buyers from Nigeria, for example,
have been longstanding purchasers of property in the capital, but have
previously favoured homes in the north London districts of Hampstead, St John’s
Wood and Primrose Hill. With their enhanced wealth, they are now moving into
the ultra-prime market.
Source: http://www.theguardian.com
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