Ultra-rich Africans have been scooping up homes in London’s top residential areas, splashing out more than £30m in some individual cases.
Five years ago it was Russians and Ukrainians pouring their millions into trophy homes in the capital.
Now a report by Beauchamp Estates says nationals of Nigeria, Ghana, Congo, Gabon, Cameroon and Senegal have spent more than £600m on ultra-prime property in the past three years and account for 5% of all such purchases, up from 2% two years ago.
They have honed in on the best addresses in the “platinum triangle” of Mayfair, Belgravia and Knightsbridge, the agency says.
80% typically spend £15m-to-£25m, 10% more than £30m and the rest, less than £15m, the report says.
However, continental African buyers currently account for around just 1.5% of all sales by number of transactions in the market because 70% of them choose to buy expensive houses for end use.
The 15 key addresses that have attracted super-rich Africans are Eaton Square, Belgravia; Holland Park, Kensington; Addison Road, Kensington; Charles Street, Mayfair; Grosvenor Square, Mayfair; The Bishops Avenue, Hampstead; Winnington Road, Hampstead; Regents Park (mansions), Compton Avenue, Highgate; Templewood Avenue, Hampstead; Avenue Road, St Johns Wood; Campden Hill Road, Kensington; Kensington Palace Gardens, Kensington; One Hyde Park, 100 Knightsbridge and The Knightsbridge Apartments, Knightsbridge.
Gary Hersham, director at Beauchamp Estates, said: “It is going to be the African century and these six countries are the standard-bearers in the London property market.”
He said virtually all the transactions currently were for end use, not rental investment, which indicated that the African buyer market in London had significant room for growth and maturity.
“Nigerians have been longstanding 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,” Hersham said.