Wealthy Africans spending almost £4million on London property every WEEK as they snap up some of the most exclusive investments in the capital
Folorunsho Alakija, a billionaire oil tycoon, fashion designer and philanthropist from Lagos, is a big investor in the London market
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.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.
'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.'