On average, those buying at the very top end of the market through Enness put down a mortgage deposit of 40% as it enables them to secure the best rates and products at that threshold of the market.
Enness Global has taken a look at what this 40% deposit equates to on the average property entry price of the top 1% of homebuyers and how it differs across 17 of the most prestigious property playgrounds of the super-rich homebuyer.
With a property entry point of nearly £20.5m, nowhere says top 1% like Moncao and it’s by far the most expensive pocket of the global property market. A short supply of space and available properties means that even the most modest of homes can command a huge price tag.
A 40% mortgage requirement for the top 1% homebuyer based on current values comes in at an eye-watering £8.185m, more than most could ever dream of buying an actual house for.
Hong Kong is home to the second-highest deposit for the very top-end homebuyer. The average entry point of a top 1% homebuyer is currently £5.425m and those placing a 40% deposit in order to secure a mortgage are doing so to the tune of £2.170m.
HNW homebuyers in Singapore rank with the third-highest mortgage deposit at £1.643m, while in Sydney (£1.333m), London (£1.240m), LA (£1.209m) and New York (£1.116m) they’re also placing a deposit of over £1m.
Mumbai and Cape Town are home to the lowest property entry price for the top 1% of global homebuyers at £465,038. Even still, the average HNW will place a mortgage deposit to the tune of £186,015.
Managing Director of Enness Global Mortgages, Hugh Wade-Jones said, “It might seem strange that those with the means to buy a twenty million pound house would opt to finance it through a mortgage. However, with the current market still presenting some unheard of rates of interest for those with the financial foundations to secure them, it actually makes very good business sense.
There are a wealth of private banks that will offer bespoke deals in these instances and by opting for this route, you can not only secure an outstanding long-term rate, but it also opens other doors of opportunity further down the line.”
France is one of the most popular property markets for foreign nationals: we are all aware of the chic appeal of Paris, the enduring allure of the Riviera in the summer or the freshness of the mountains in winter.
Covering everything from search and negotiation to making an offer and the legal processes, the guide will help you fulfil your dream of property ownership in France.