Harrow, Eton, Cheltenham Ladies College are all among the list of respected institutions that teach the offspring of wealthy Africans. The Nigerian Embassy in London calculates that Nigerian nationals now spend over $446 million( 88,754,000,000 Naira) per year on fees, tutoring and accommodation at British schools and university. “West African clients are very much driven by the need to educate their children,” says Bimpe Nkontchou, a British-Nigerian wealth manager based in London. “Education usually means putting the children on an international stage, and that’s one reason why this is feeding into the demand for property in London.”
Indeed, education industry experts ICEF Monitor say there were over 17,500 Nigerians studying in British universities in 2012 — about 1,000 more than the 2009/10 academic session. And experts are expecting this trend to continue. “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,” says Gary Hersham, director at Beauchamp Estates. “African buyers or luxury tenants in London are currently where the Russians and Ukrainians were five years ago. They have the resources and desire to purchase or rental luxury homes in Prime Central London,” he adds. “It is going to be the African century.”
Culled from CNN
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