Found this report on CNN, enjoy!
Real estate in London’s swankier
suburbs (sophisticated, glamorous and
spacious — when the super-rich go house-hunting they are searching for
something special) can catch a buyers’ eye.
suburbs (sophisticated, glamorous and
spacious — when the super-rich go house-hunting they are searching for
something special) can catch a buyers’ eye.
“The Africans who are coming
into London now are Africans who themselves have worked for their money,”
explains Bimpe Nkontchou, a British-Nigerian wealth manager based in London.
into London now are Africans who themselves have worked for their money,”
explains Bimpe Nkontchou, a British-Nigerian wealth manager based in London.
“They have grown in industry
and are actually part of the exciting story of the African renaissance,”
she continues. “It’s bringing to London the best of the continent.”
and are actually part of the exciting story of the African renaissance,”
she continues. “It’s bringing to London the best of the continent.”
These investors are having a
considerable impact on London’s property market and they mainly come from just
six countries: Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal.
considerable impact on London’s property market and they mainly come from just
six countries: Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal.
Of these, Nigerians are splashing
out the most cash when it comes to bricks and mortar in the British capital —
typically spending between $22 and $37 million on securing a property,
according to luxury property agents Beauchamp
Estates.
out the most cash when it comes to bricks and mortar in the British capital —
typically spending between $22 and $37 million on securing a property,
according to luxury property agents Beauchamp
Estates.
Also, many of the African buyers see these houses as a way of maintaining
long standing cultural ties with London — and it’s here they want to send
their children to school.
long standing cultural ties with London — and it’s here they want to send
their children to school.
Harrow, Eton, Cheltenham Ladies
College are all among the list of respected institutions that teach the
offspring of wealthy Africans. The Nigerian Embassy in London calculates that
Nigerian nationals now spend over $446 million per year on fees, tutoring and
accommodation at British schools and university.
College are all among the list of respected institutions that teach the
offspring of wealthy Africans. The Nigerian Embassy in London calculates that
Nigerian nationals now spend over $446 million per year on fees, tutoring and
accommodation at British schools and university.
“West African clients are very
much driven by the need to educate their children. Education usually means putting the children on an international stage,
and that’s one reason why this is feeding into the demand for property in
London.”
much driven by the need to educate their children. Education usually means putting the children on an international stage,
and that’s one reason why this is feeding into the demand for property in
London.”
Indeed, education industry experts ICEF Monitor say there were
over 17,500 Nigerians studying in British universities in 2012 — about 1,000
more than the 2009/10 academic session.
over 17,500 Nigerians studying in British universities in 2012 — about 1,000
more than the 2009/10 academic session.
And experts are expecting this trend
to continue.
to continue.
“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,” says Gary Hersham,
director at Beauchamp Estates.
are for end use, not rental investment, which indicates that the African buyer
market in London has significant room for growth,” says Gary Hersham,
director at Beauchamp Estates.
“African buyers or luxury
tenants in London are currently where the Russians and Ukrainians were five
years ago. They have the resources and desire to purchase or rental luxury
homes in Prime Central London,” he adds. “It is going to be the
African century.”
tenants in London are currently where the Russians and Ukrainians were five
years ago. They have the resources and desire to purchase or rental luxury
homes in Prime Central London,” he adds. “It is going to be the
African century.”
