According to Harrods Estates, a London-based luxury real estate arm of the Harrods Group, demand for luxury houses in the city by West African buyers increased 40 percent over the last year, driven mainly by businessmen seeking oil market connection in Europe.
“The majority are looking to spend between £2.5million and £6.5million on a two or three bedroom apartment, where they can stay when visiting London on business or for pleasure,” Shirley Humphrey, a director at Harrods Estates told Opp. Today.
“Family is very important to them and we have noticed that prefer to cluster buy more than one apartment in the same building so that they have somewhere for their children, parents and grandparents to stay.”
With new found wealth as West African economies grow faster, a new crop of super-rich investors from the continent has increased demand for London luxury properties and are taking on apartments next to other foreign property investors from Russia, America and Middle East.
Increased interest in West African oil from European countries has made London a center for oil Tycoons from Nigeria and other countries in the region to reach and meet their clients. They use London as their base to travel on to other European markets.
“Although they are buying property as an investment, the key thing for West Africans is owning a home in London which they can use for a minimum of a few months of the year,” Humphrey said.