Prince Harry and Duchess Meghan will pay more for a home in Malibu

The couple is reportedly considering a move to Malibu. Picture: Tom Briskey/Pexels

The couple is reportedly considering a move to Malibu. Picture: Tom Briskey/Pexels

Published Jul 25, 2023


If Prince Harry and his wife Meghan, Duchess of Sussex, make the move from Montecito to Malibu – as they are reportedly considering, they will probably fork out more for a home.

The couple is said to find Montecito, which is located on the central coast of California, too remote, and are eyeing the coastal shores of Malibu as an alternative.

They purchased their current nine-bedroom home for $14,7 million (R260m) in 2020.

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When comparing average real estate prices in both beach cities, Montecito is slightly cheaper, with an average property price of $6,3m (R111) as at June 2023. So far this year, 13 homes in Montecito have been sold, with the average length of stay on the market at 49 days. The area is experiencing a buyer’s market so Harry and Meghan may have to be flexible with their pricing if they sell.

Most people who leave Montecito head to San Luis Obispo, which is about an hour and a half up the coast, but the couple seems to be looking to move about an hour down the coast to Malibu, where the average property price for June 2023 is reported by Redfin to be $6,8m (R120m). The good news is that homes here are currently selling at 3,21% below their asking prices.

There are 370 homes for sale in Malibu, located in the Santa Monica Mountains region of LA County, California. Property prices range from $40 000 (R707 000) to $195m (R3,4bn), so Harry and Meghan should have a wide variety to choose from. Plus, the city is also currently experiencing a buyer’s market.

Malibu has eight public schools and seven private and charter schools, so Archie and Lilibet will be catered for.