African oligarchs splash out on London homes

If they are not buying, they are renting luxury homes for up to £15,000-per-week and staying for between six weeks and three months.

A new wave of African oligarchs are following the trail blazed by Russian billionaires, buying up luxury properties in some of London’s most exclusive postcodes, according to new research.

Buyers from six African countries – Nigeria, Ghana, the Democratic Republic of the Congo, Gabon, Cameroon and Senegal – are estimated to have spent a total of £600m on luxury residential property in the capital over the past three years. They now account for 5% of all ultra-prime London residential sales by value, up from 2% in 2012, according to figures from prime property specialist Beauchamp Estates.

Read more: African oligarchs splash out on London homes | Business | The Guardian.