Royal mortgages: How much would royal homes around the world cost to buy?
Royal families around the world live in some of the most spectacular residences, including huge palaces which have often stood for hundreds of years. But how much would it cost to actually buy one of these royal residences?
While these palaces and mansions may never have been on the open market (certainly not for a very long time), we’ve estimated how much they may be worth based on their size, and how much you could expect to pay per month for a mortgage on them.
1. Louvre Palace, Paris
Estimated value: £2.3 billion / $3.2 billion / €2.6 billion
Estimated monthly repayments: £7.9 million / $11.1 million / €9.1 million
The priciest palace on our list was the Louvre Palace in Paris, which was used by the many Kings of France between the 14th and 19th century, although today, it’s perhaps better known as the home of the museum of the same name, which houses the Mona Lisa.
At over 210,000 square metres and with properties in central Paris generally costing at least £11,000 per square metre, it is estimated the Louvre Palace could be worth at least £2.3 billion, which would mean monthly repayments of £7.9 million, and that’s not even taking into account the many priceless works of art that line the walls of the palace.
2. Forbidden City, Beijing
Estimated value: £1.7 billion / $2.4 billion / €1.9 billion
Estimated monthly repayments: £5.9 million / $8.3 million / €6.8 million
China’s Forbidden City complex is the beautiful centre of the Imperial City of Beijing, surrounded by opulent gardens and temples and was the home of Chinese emperors and the country’s government for over 500 years.
Made up of over 980 buildings, the palace’s total area is about 150,000 square metres, which at a local average property price of £11,613 per square metre puts it at an estimated valuation of £1.7 billion, or £5.9 million per month, which, again, isn’t taking into account the many rare and valuable artefacts within its halls.
3. Hofburg, Vienna
Estimated value: £1.6 billion / $2.2 billion / €1.8 billion
Estimated monthly repayments: £5.5 million / $7.8 million / €6.4 million
The third expensive palace on our list which is still used as a royal residence is the Hofburg, in Vienna, which is the home and workplace of Alexander Van der Bellen, the president of Austria and was previously the imperial palace of the Habsburg dynasty.
The Hofburg has gradually expanded as different monarchs have come and gone throughout the years and currently covers about 240,000 square metres, which puts its estimated value at £1.6 billion and estimated monthly mortgage repayments at over £5.5 million.
1. Buckingham Palace, London
Estimated value: £1.3 billion / $1.8 billion / €1.5 billion
Estimated monthly repayments: £4.3 million / $6 million / €5 million
The British Royal family are perhaps the most famous in the world, and their most well-known residence is Buckingham Palace, in the City of Westminster. The palace has stood since 1703 and is known around the world as one of the most iconic landmarks in Britain.
At over 77,000 square metres, we estimate the value of the palace to be around £1.3 billion, with estimated monthly repayments of £4.3 million. But considering that the Queen earns an estimated £69.8 million annually, if she was to have a normal mortgage, she could afford to pay it off in 18 years and 5 months.
2. Windsor Castle, Windsor
Estimated value: £241 million / $335 million / €275 million
Estimated monthly repayments: £811,256 / $1.1 million / €940,130
The history of Windsor Castle stretches back over a thousand years, with the original castle being built by William the Conqueror back in the 11th century. These days the castle is a popular tourist attraction and the preferred weekend home of the Queen.
The research estimates its value at over £241 million, which is about 940 times that of the average house price in the UK.
3. Hampton Court Palace, Richmond upon Thames
Estimated value: £208 million / $290 million / €238 million
Estimated monthly repayments: £700,223 / $986,472 / €811,459
While no monarchs have resided at Hampton Court since the reign of King George II, it remains in possession of the Queen and is a major tourist attraction. At 47,330 square metres, its valuation isn’t quite as high as the other UK palaces on our list, but would still set you back with an estimated total mortgage value of £210 million, or over £700,000 per month.
Brought to you by our mortgage experts at comparethemarket.com
We looked at the 42 largest palaces in the world, estimating the value of each by multiplying the floor area of the property by the average price per square metre of property in that city, according to Numbeo.
Using these estimates, we then estimated what the total mortgage cost and monthly repayments would be, based on a 25-year mortgage, with a 20% deposit and interest rate of 1.95%, using Google’s mortgage calculator.
Currency conversions calculated using Google Finance, as of 23rd February 2021.