Monaco is a place like no other on earth. Despite its size, it’s incredibly glamourous and fun, it has an international outlook, and there are lots of things to do. Monaco remains a firm favourite of high-net-worth individuals from around the world, many of whom are drawn by the Principality’s competitive fiscal regime, the glamour of the city-state and sunny climes.
It’s not surprising that Monaco is also in a class of its own when it comes to property. Although it’s small (the Principality’s footprint is less than that of Central Park in New York), there are distinctive quarters and a wide variety of properties to buy. Monaco’s newest buildings will cost more than €13.5 million, and average prices for apartments in existing property costs around €5 million.
There is exponential demand for property in Monaco, and liquidity is essential to ensure you can buy the property you want when you find it. Despite the net worth of those who live here, most buyers will opt for a mortgage for Monaco property purchases. Doing so will often present fiscal benefits vs cash-only sales and means buyers don’t have to liquidate assets to generate the capital they need in a single lump sum. In this case, our client was a British national and Monaco resident purchasing a prime residential property in the Principality. With the property price of €20 million, the client was looking for a 80% LTV (loan-to-value) mortgage.
Enness’ brokers will tap into their network of more than 500 lenders to secure the best property finance for you. In this case, we approached a private bank who were able to provide a high LTV (loan-to-value) mortgage with the client placing only €2 million as AUM (assets under management).
Enness is a leading broker of high-value mortgages, and the team regularly help high-net-worth individuals negotiate the best rates and terms of Monaco mortgages. Contact Enness to have a no-obligation chat about your plans to purchase property in the Principality.