African oligarchs splash out on London homes
Buyers from Nigeria, Ghana, the Democratic Republic of the Congo, Gabon, Cameroon and Senegal snap up luxury property“Whilst millions live in shanty towns, lacking decent sanitation, their masters are allowed by our Government to spend appropriated wealth on flamboyant homes.”
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.