For any individual, one of life’s main goal is owning a home of epic proportions. And that applies to rich Africans as well. Even though most of the African Oligarchs have villas and mansions back home, of course, to acquire property in Occident is a sound investment. The United Kingdom, more precisely London, seems to be their favourite choice, where they are ready to spend up to £30 million on property.
The reason for paying such a premium on property as everything to do with London prices, as well the interior designs and particular London locations, i.e., Chelsea. Often, they tend to choose modern, high spec finish type properties rather than traditional Victorian styles.
REASONS RICH AFRICANS BUY THEIR PROPERTIES IN LONDON
According to Beauchamp Estates, one of the main reasons they choose London is to have a residential property that is a secure and stable investment; hence, the good reputation the British capital seems to have.
The continued troubles in part of the region as also resulted in the current surge in London property in the last couple of years.
Education is high on the list too; with wealthy families putting their children in private schools such as King’s School Canterbury, Wycombe Abbey, Cheltenham Ladies College, Eton, Oxford, Harrow, and Bradfield.
ORIGIN OF THE RICH AFRICAN BUYERS
Beauchamp Estates, one of the agencies that sell the most expensive homes in London, released a report by end 2014, saying that the wealthy Africans are from the six countries: Nigeria, Ghana, Congo (RDC), Gabon, Cameroon, and Senegal.
Nigeria being at the top, with 42% of the total sales from African buyers in the last three years. Nigerians spenders include Mr. Aliko Dangote, Africa’s wealthiest man; Mrs. Folorunsho Alakija, a billionaire oil tycoon, Fashion designer and philanthropist and his nephew Mr. Rotimi Alakija, known by his stage name as DJ Xclusive.
MONEY SPENT ON A PROPERTY
The wealthy buyers are ready to spend up to £4 million on purchasing luxury properties in the British capital. And if they happen to want to rent instead they are prepared to pay up to £15,000-per-week for a staying period of between six weeks to three months per year.
The African oligarchs have invested more than £600 million in the London property market for the last three years according to the report of Beauchamp Estates, released end 2014. Around 80 per cent spend between £15 million to £25 million on high-end property, with ten per cent spending more than £30 million.
FAVOURITE LOCATIONS FOR RICH AFRICAN BUYERS
