Wealthy African buyers are spending almost £4million on London property every week as they look to snap up exclusive investments in the UK, it has emerged.
Super-rich oligarchs are taking their vast resources and investing them in the safe haven of London property - with more than £600million spent in the capital in the past three years.A mixture of traditional reasons combined with increased terrorism and the outbreak of Ebola is said to be behind the dramatic influx of African money to the capital.
They favour the likes of One Hyde Park. 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
The third reason is education, with King's School Canterbury, Wycombe Abbey, Cheltenham Ladies College, Eton, Harrow and Bradfield are among the favourite private schools for wealthy families from Africa.
According to the Nigerian embassy, Nigerian nationals spend more than £300million-a-year on tutoring, accommodation, fees and equipment at British schools and universities.
Mr Hersham added: 'It is going to be the African century.
'Continental African buyers or luxury tenants in London are currently where the Russians and Ukrainians were five years ago.
'At present 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 and maturity.
Nigerians are the biggest spenders, with wealthy nationals forking out £250million on London homes in the last three years.
The new wave of super-rich includes Aliko Dangote, a Nigerian business magnate who, with a £16billion fortune, is Africa's wealthiest man.
Folorunsho Alakija, a billionaire oil tycoon, fashion designer and philanthropist from Lagos, is also a big investor in the London property market. She recently bought four apartments in One Hyde Park, the super-exclusive development in Knightsbridge.
Her British-born nephew Rotimi Alakija, who also goes by the stage name of DJ Xclusive, has also invested property in the capital.
It is thought other tycoons have also been eyeing up homes on Kensington Palace Gardens - known as Billionaires' Row.
'Nigerians have been long standing 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.'
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Super-rich oligarchs are taking their vast resources and investing them in the safe haven of London property - with more than £600million spent in the capital in the past three years.A mixture of traditional reasons combined with increased terrorism and the outbreak of Ebola is said to be behind the dramatic influx of African money to the capital.
They favour the likes of One Hyde Park. 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
The third reason is education, with King's School Canterbury, Wycombe Abbey, Cheltenham Ladies College, Eton, Harrow and Bradfield are among the favourite private schools for wealthy families from Africa.
According to the Nigerian embassy, Nigerian nationals spend more than £300million-a-year on tutoring, accommodation, fees and equipment at British schools and universities.
Mr Hersham added: 'It is going to be the African century.
'Continental African buyers or luxury tenants in London are currently where the Russians and Ukrainians were five years ago.
'At present 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 and maturity.
Nigerians are the biggest spenders, with wealthy nationals forking out £250million on London homes in the last three years.
The new wave of super-rich includes Aliko Dangote, a Nigerian business magnate who, with a £16billion fortune, is Africa's wealthiest man.
Folorunsho Alakija, a billionaire oil tycoon, fashion designer and philanthropist from Lagos, is also a big investor in the London property market. She recently bought four apartments in One Hyde Park, the super-exclusive development in Knightsbridge.
Her British-born nephew Rotimi Alakija, who also goes by the stage name of DJ Xclusive, has also invested property in the capital.
It is thought other tycoons have also been eyeing up homes on Kensington Palace Gardens - known as Billionaires' Row.
'Nigerians have been long standing 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.'
Dailymail exclusive reportage
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