Russians and the Chinese are already known to be proven buyers in London’s prime property market but now investors from West Africa are entering this prestigious market.
According to market data, there is a huge rise in demand from West African buyers in Mayfair with a 40% rise in sales of luxury property to the nationality in the last 12 months and up 400% compared with the previous year.
The majority of buyers from West Africa are looking to spend between £2.5 million and £6.5 million on a two or three bedroom apartment, where they can stay when visiting London on business or for pleasure.
As with many international buyers, West Africans are seeking apartments in luxury developments, which offer 24 hour security, concierge and spa facilities. It seems that Family is very important to them and they 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.
Mayfair is seeing a lot of strategic moves over the coming years, with an array of new luxury developments in the pipeline and the return of many commercial buildings put back to residential use.
The area has long appealed to British nobility, aristocracy and high society as well international wealthy individuals from around the world, including Middle Eastern, Chinese, Indian and Russian buyers.
Mayfair is a combination between a stunning central location and a village lifestyle. There are great restaurants in the area, luxury shopping opportunities on Mount Street and Bond Street, five star hotels and the famous Hyde Park.
Most of the West African Buyers are looking for period buildings with newly refurbished luxury interiors which they can move immediatly into. Most of them are buying properties in London as an investment and use them for a minimum of a few months in an year.