Rich Germans, Saudis, Spaniards and Swiss are not snapping up London properties quite as quickly as South Africans.
Houses and flats worth £1-million (R14-million) or more are popular among South African investors, revealed a quarterly report by the property consultancy Knight Frank.
Mike Smuts, managing director of property investment firm Smuts and Taylor, said wealthy South Africans are looking at London property as a "safe-haven".
"London bricks and mortar are fast becoming the new Swiss bank account," he said.
South Africans are rated tenth among foreign buyers in the £1-million section of London's property market over the past three years.
Surprisingly though, Smuts said most of his clients have no intention of immigrating but are taking advantage of the relaxed foreign exchange regulations.
Without mentioning names, Smuts said that among his clients were some of the most successful and well-known South Africans.
His clients, he said, have realised that they need to diversify and move part of their wealth to a stable economy with a strong currency, such as the UK.
"They like the tangible aspect of London property."
Foreign exchange regulations have previously prevented South Africans from taking loads of money out of the country.
The Reserve Bank has since 2009 relaxed the regulations and citizens can now invest up to R5-million a year abroad.
He said property prices and rents in London have risen sharply in recent years, handing investors a healthy return.
"Prime central London house prices have risen 49% since March 2009 and are now 14% higher than their previous market peak of March 2008," he said.
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