folorunsho-alakijaThe Sunday Times reports that over the past three years African buyers have spent £600m on residential properties in and around London, according to new figures. Name-checked by the paper amongst the African elite fast replacing Russian oligarchs in the property race are none other than Nigeria’s business magnate Aliko Dangote whose £16bn fortune makes him Africa’s richest man, billionaire oil tycoon Folorunsho Alakija who has bought four apartments in the One Hyde Park development in Knightsbridge for a reported £100m and British-born Nigerian DJ Xclusive, real name Rotimi Alakija.

The Sunday Times reports that prime property specialists, such as Beauchamp Estates, have seen an explosion in interest from sub-Saharan countries including Nigeria, Ghana, Senegal, Gabon, Congo, Cameroon and buyers from these six countries now account for 5% of the “ultra-prime” market in London, up from 2% in 2012, with Nigerians the main driving force, accounting for £250m of sales.

Managing director of Beauchamp Estates, Gary Hersham beleives that interest from African buyers will increase overtaking the Russians. “Continental African buyers or luxury tenants in London are currently where the Russians and Ukrainians were five years ago,” he says.

See The Sunday Times report here.

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