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.
"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.
"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."
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.
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.
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.
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.
"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."
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.
And experts are expecting this trend 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.
"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."
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