Research by high-net-worth mortgage broker Enness Global has revealed the cost of purchasing a property across the world’s international finance centres.
While the likes of Hungary (£61,368), Ireland (£163,220) and Cyprus (£192,977) offer relatively affordable options, the average house price across the 12 most attractive destinations is £617,523.
Monaco is by far the most expensive, with average house prices exceeding £4m. But some of the highest values in the IFC housing market are in Jersey, where prices currently average £533,000 (see chart below).
The research by Enness also demonstrates Jersey's ranking as one of the best IFCs in the world.
Enness compiled data on the score attributed to each destination based on the financial secrecy it offers and its strength as a corporate IFC.
The Enness report said: "With a combined score of 164, Jersey trails the Isle of Man by just one point and ranks as the second most attractive IFC destination in the world based on the personal and professional benefits it offers.
"However, with house prices averaging double that of the Isle of Man, a far stronger property market arguably puts Jersey at the top of the global IFC hierarchy."
Jack Goguelin, Director for Jersey at Enness Global, commented: “With a large number of people having been forced to work from home over the last 12 months, it’s apparent that the work-life balance is more important today than it was when those two things were separated physically.
"Jersey offers easy access to beaches, parks and other open spaces, and its close proximity to London, only a short flight away, means that attending to business or social interests in the UK is relatively stress-free compared with travelling from the continent.
"Jersey operates an attractive taxation regime both for businesses and individuals. It’s no surprise there has been an influx of high-net-worth and ultra-high-net-worth individuals choosing to relocate to the island.”
