Posted by Leonard Steinberg on February 20, 2012

The BRIC BUYERS, those luxury New York real estate buyers who originate from emerging economies Brazil, Russia, India and China, are being joined by a new group: African buyers. The economy of Africa (second only to Asia in size and population) continues growing at a strong pace: with high levels of political instability and corruption, withdrawing money and placing it in a first world economy is highly desirable.

I have heard of several sales happening recently with African country buyers, and some are at the high end of the spectrum as Africa slowly emerges as a major economic force, mostly driven by its un-parallelled mineral wealth in times of inflationary fears. When gold, platinum and silver prices soar, so too does African wealth.