The latest research by the world’s leading high-net-worth mortgage broker, Enness Global, has revealed the cost of buying at the top-end of the market across each Commonwealth nation and how it differs both globally and with or without the Queen as head of state.
Enness analysed available house price data across 54 Commonwealth nations and found that on average, a high-end home will set you back £1.587m.
Commonwealth nations located in Asia commanded the highest high-end price tag with an average of £2.358m, followed by Europe (£2.255m) and the Pacific nations (£2.058m).
16 remaining realms within the Commonwealth still recognise the Queen as their head of state, although this could soon be 15 with Barbados stating its intent to become a republic next year.
However, the nation may want to think twice from a property point of view. The average high-end house price in nations with the Queen still at the helm is currently £2.086m; 49% higher than those without (£1.402m).
That said, Singapore ranks top of the Commonwealth house price table despite the Queen not heading the state. The average cost of a high-end home is currently £11,657,759, by far the highest of all Commonwealth nations.
The Queen remains head of state for the following five most prestigious Commonwealth property markets though. Australia (£3.348m) is home to the next highest house price for a prime Commonwealth property, followed by the UK (£3.208m), New Zealand (£2.896m), Canada (£2.630m) and Antigua and Barbuda (£2.318m).
South Africa, Malta, Guyana and the Maldives also rank within the top 10 for the highest property values for a prime property.
Group CEO of Enness Global Mortgages, Islay Robinson, commented:
“Regardless of your views on the British monarchy, there’s no denying that the Commonwealth as a whole brings huge benefit to its member nations in terms of free trade and economic development, amongst other things.
As a result, these nations remain very attractive to other Commonwealth buyers looking to invest outside of their native county, and this is reflected in the robust price of bricks and mortar across these member states.
Of course, this isn’t to say that you can’t secure a prime Commonwealth property for a relative bargain. Still, many of the Asian, European, Pacific and Caribbean hubs will set you back at least a few million pounds for an impressive prime property.”