A real estate agency that handles prime property deals in the UK, Harrods Estates released a report, showing an increase in the purchase of prime properties in the Mayfair area, by rich West-Africans.
Increase in purchase of luxury apartments by West-Africans
The report stated that there was an exponential increase from 40% up to 400% compared with the previous year.
Shirley Humphrey, a director at Harrods Estates, said most West-Africans search for two or three bedroom apartments. Adding that these apartments cost between £2.5 million and £6.5 million.
The report also highlighted that West African buyers prefer to live in luxury developments, that have 24 hour security, concierge and spa facilities.
Humphrey said “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.”
Explaining why Mayfair is the preferred destination for these wealthy Africans Humphrey said ‘Mayfair offers a village lifestyle in a fantastic central location. The excellent shopping on Mount Street and Bond Street, fantastic restaurants and five star hotels, contribute to the areas popularity and with Hyde Park and Knightsbridge a short stroll away, many of our clients love the location as both an investment and lifestyle choice.’
In the report, it was noted that most rich West-Africans buy property as an investment.
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