Monaco’s Real Estate Prices vs. Other Top Luxury Markets – 2025 Insights

Monaco has long been synonymous with ultra-expensive real estate, and the latest Knight Frank Wealth Report confirms it still leads the world in luxury property prices. In this post, we compare how Monaco stacks up against the next four priciest prime residential markets – Hong Kong, Singapore, Geneva, and London – highlighting how much floor space US $1 million buys in each city in 2025 and examining trends over recent years. We’ll also explore why Monaco remains at the pinnacle, what’s influencing changes in rankings, and broader trends shaping global luxury real estate.

$1 Million in 2025: How Much Home Does It Buy?

In prime real estate terms, a $1 million budget buys only a postage stamp-sized apartment in Monaco, and not much more in the other top-tier cities. Knight Frank’s Wealth Report 2025 data illustrates the stark contrast in purchasing power across these exclusive markets:

• Monaco: About 19 square meters (205 sq ft) of prime property per $1 million (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard) – the smallest slice of real estate $1M can buy anywhere in the world.
• Hong Kong: Roughly 22 sq m (237 sq ft) for $1M (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard), making it the second most expensive city globally for luxury housing.
• Singapore: Around 32 sq m (344 sq ft) per $1M (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard), reflecting its rapid rise as a premier luxury market.
• Geneva: Approximately 37–39 sq m (~400 sq ft) of prime space for $1M – a touch more breathing room than in the Asian hubs (How many square meters of luxury real estate can be bought for 1 million dollars in the world: KnightFrank rating).
• London: On the order of 34–35 sq m (~366 sq ft) for $1M (How many square meters of luxury real estate can be bought for 1 million dollars in the world: KnightFrank rating) in prime central London districts, similar to Geneva’s scale.

For context, $1M in Monaco would only buy a closet-sized studio, whereas in cities like Mumbai it could buy nearly five times more space (about 99 sq m) (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). Even New York and Los Angeles, often thought of as pricey, offer considerably more luxury space (~34 sq m in New York, 38 sq m in L.A.) for $1 million than any of the top five cities above (Apex Trader Funding – What 1 Million Buys In The Worlds Most Expensive Real Estate Cities D5c1ce9b) (Apex Trader Funding – What 1 Million Buys In The Worlds Most Expensive Real Estate Cities D5c1ce9b). This underscores just how expensive Monaco, Hong Kong, Singapore, Geneva, and London have become – they are in a league of their own for price per square foot.

Trends Over the Years: Rankings and $1M Buying Power

These five elite markets have dominated the top of the “price per square meter” rankings for years, though there have been subtle shifts in order and affordability. Monaco and Hong Kong have consistently held the #1 and #2 spots for over a decade ( Hong Kong amongst most expensive cities for luxury homes ), with Monaco usually offering only 15–17 sq m per $1M in past years and Hong Kong around 20–22 sq m. In fact, Hong Kong has been the second-priciest city for 11 years running, outranked only by Monaco ( Hong Kong amongst most expensive cities for luxury homes ).

The number of square meters $1M buys in Monaco has fluctuated slightly with currency exchange rates and market cycles. A year ago, $1M bought as little as 16 sq m in Monaco (Apex Trader Funding – What 1 Million Buys In The Worlds Most Expensive Real Estate Cities D5c1ce9b) (Apex Trader Funding – What 1 Million Buys In The Worlds Most Expensive Real Estate Cities D5c1ce9b); now it’s about 19 sq m (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard) – indicating a minor increase in area (i.e. a slight cooling in prices or a stronger US dollar). Hong Kong’s $1M footprint has remained around 21–22 sq m ( Hong Kong amongst most expensive cities for luxury homes ), showing that its ultra-prime prices have stayed remarkably resilient even through recent market corrections.

Singapore has climbed in the ranks – a decade ago $1M could fetch more space in Singapore than in London or New York, but today at 32 sq m it has firmly claimed the #3 spot globally (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). This rise is driven by an influx of wealth, a stable economy, and limited land supply. London and Geneva, meanwhile, have seen their relative positions ebb slightly. A few years back London was effectively tied with Singapore around ~34 sq m per $1M (How many square meters of luxury real estate can be bought for 1 million dollars in the world: KnightFrank rating), but recent trends (like a softer pound and slower prime price growth) have made London’s luxury real estate a bit more affordable in USD terms. Geneva, with its reputation as a safe haven, has hovered in the high-30s sq m per $1M and sometimes edged out London, as appears to be the case in 2025.

It’s worth noting that New York, historically in the top five, has now dropped just below London. In 2022, $1M bought only 33 sq m in New York ( Hong Kong amongst most expensive cities for luxury homes ), but thanks to a strong dollar and cooling of pandemic-era price surges, $1M goes further there now (mid-30s sq m). This allowed Geneva to overtake New York in the rankings, and kept London and Singapore in the top five ahead of NYC. Such shifts show how exchange rates and local market dynamics can shuffle the deck among the ultra-prime markets.

Why Monaco Stays on Top of the Price Pyramid

Monaco’s enduring reign as the most expensive real estate market comes down to exceptional scarcity and exclusive appeal. The Principality is tiny – under 2 square kilometers in size – and essentially built out, so new supply of housing is virtually nil. Wealthy buyers from around the world compete for a sliver of Monaco, driving prices to stratospheric levels. Demand is supercharged by Monaco’s status as a tax haven for the rich, offering no income tax and a high-security, luxury lifestyle for its residents (10 Most Expensive Real Estate Markets in the World (2025)). Billionaires, global CEOs, and celebrities all covet a Monaco address, and they’re willing to pay top dollar for the privilege.

Lifestyle and location are also key. Monaco offers Mediterranean glamour, a benign climate, elite events (like the Grand Prix and Yacht Show), and ultra-high-end amenities – all within a secure microstate. This unique mix of climate, culture, and financial benefits creates a perfect storm of demand for the limited homes available. Even as global economic tides rise and fall, Monaco’s prime property prices tend to either hold steady or climb, because the world’s wealthy see it as the ultimate safe asset and status symbol. As one luxury realtor quipped, “$1 million in Monaco buys you about a nice bathroom’s worth of space” (Apex Trader Funding – What 1 Million Buys In The Worlds Most Expensive Real Estate Cities D5c1ce9b) – yet buyers keep lining up, which says everything about its allure.

What’s Influencing Changes in the Rankings?

While Monaco and Hong Kong are stalwarts, the jockeying for the next spots reflects broader shifts in wealth and investor preferences:

• Singapore’s Surge: Singapore’s jump to third place is fueled by its emergence as Asia’s other major wealth hub. Political stability, business-friendly policies, and a reputation as a safe, clean “swiss-quality” city in Asia have attracted UHNWIs (ultra-high-net-worth individuals) from China, India, and beyond. In recent years, some wealthy residents have relocated funds (and families) from Hong Kong to Singapore, seeing it as a haven of stability. Despite government cooling measures (like foreign buyer stamp duties), prime prices in Singapore have marched upward, meaning $1M buys less space now than before. The latest data – 32 sq m for $1M – underlines that demand outstrips supply in Singapore’s luxury condo market (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard).
• London’s Currency Effect: London remains a global elite magnet (with neighborhoods like Mayfair and Knightsbridge in high demand), but Brexit and higher property taxes for foreigners tempered some overseas appetite in recent years. Crucially, the British pound’s swings have affected London’s ranking – when the pound weakens, London’s real estate becomes cheaper in USD terms, letting $1M buy more space. After 2016, the pound’s decline made London somewhat more of a “bargain” for dollar-based buyers, which is partly why London’s $1M-per-m² figure has risen from ~30 to mid-30s. Conversely, during earlier boom years, the figure was lower (less space) as prices climbed in local currency. London’s fundamentals remain strong – it’s a global finance and culture capital – but its ultra-prime prices have not grown as fast as Asia’s in the last decade, causing it to slip slightly in relative expensiveness.
• Geneva’s Steady Appeal: Geneva’s climb over London in the latest ranking is subtle but telling. Prized for its political neutrality, ultra-secure banking, and quality of life by Lake Geneva, the city has very limited housing stock (strict zoning and little land for development). Its luxury prices have inched up steadily. The Swiss franc has also been strong, meaning in USD terms Geneva property hasn’t gotten cheaper. Global millionaires continue to park money in Geneva real estate for stability, which keeps prices lofty. Still, Geneva offers a tad more space for $1M than the Asian hubs. As of 2025, it sits just behind Singapore – a position it could trade with London depending on currency shifts.
• Hong Kong Resilience (Despite Headwinds): Hong Kong’s luxury home prices faced headwinds from 2019–2022 (political unrest, COVID restrictions, and a broader market correction). Yet, its ultra-prime segment proved resilient, with prices only dipping slightly. By 2023, Hong Kong’s borders reopened and buyer confidence returned ( Hong Kong amongst most expensive cities for luxury homes ). The city’s unique combination of geographic scarcity (steep hills and zoning limit buildable land) and status as a gateway to China ensures it stays extremely expensive. Knight Frank notes a “downward rigidity” in Hong Kong’s luxury prices – owners simply hold property rather than sell at lower prices, helping maintain values ( Hong Kong amongst most expensive cities for luxury homes ). Thus, no other city has managed to displace Hong Kong’s #2 spot, and it’s unlikely to lose that position soon.
• New Contenders? Despite the dominance of these five, a few other cities have inched toward the top tier. For example, New York inched into the #3 spot briefly around 2022 (as the dollar surged) (How many square meters of luxury real estate can be bought for 1 million dollars in the world: KnightFrank rating) (How many square meters of luxury real estate can be bought for 1 million dollars in the world: KnightFrank rating), and Paris and Los Angeles are often not far behind London/Geneva in $/sq m rankings. However, none have cracked the Monaco/HK stratosphere – New York’s ~$4,200 per sq ft and Paris’s ~$2,000+ per sq ft are high, but still lower than Monaco’s staggering ~$5,800+ per sq ft (How much living space $1 million buys around the world | Business Insider Africa) (How much living space $1 million buys around the world | Business Insider Africa). The barrier to entry into the top five remains extremely high.

Broader Trends in Global Luxury Real Estate

Zooming out, the global prime property market has been on an upswing, albeit a slower one after the frenetic pandemic-era boom. Knight Frank’s Prime International Residential Index (PIRI 100), which tracks 100 luxury markets worldwide, climbed +3.6% in 2024 on average (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). Notably, 80 of 100 prime locations saw prices flat or rising, defying concerns of a downturn (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). This resilience comes even as interest rates rose sharply – a sign that the wealthy were less constrained by mortgage costs, and that limited high-end supply buttressed values.

However, the growth has been far from uniform. In 2024, the biggest price surges were in emerging luxury hubs: Seoul led with an 18.4% jump, Manila 17.9%, and Dubai ~16.9% (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). These cities are not (yet) the most expensive, but they are rapidly catching up in price levels from a lower base. Middle Eastern and Sunbelt markets saw particularly strong growth, buoyed by robust regional wealth creation and investment flows into property (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). Dubai, for instance, saw wealthy investors from Russia, Europe and Asia pouring into its real estate, driving record growth – yet even after a >40% rise since 2020, Dubai’s prime prices (about 105 sq m per $1M) are still a fraction of Monaco’s (How many square meters of luxury real estate can be bought for 1 million dollars in the world: KnightFrank rating).

In contrast, traditional European and North American luxury markets grew more slowly (low single-digit percent) (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard). High interest rates and economic jitters cooled activity in places like London, New York, Toronto and Hong Kong in 2022–23, though prices did not crash. In fact, rather than broad price declines, the main effect was lower sales volumes – many sellers simply held off, preventing sharp corrections. This dynamic kept price indices positive or flat in most top cities, reinforcing the idea that prime real estate is a long-term hold for the wealthy.

Another trend is the flight to quality and lifestyle. Wealthy buyers post-pandemic have been keen on properties that offer either ultra-high-quality urban living or serve as luxury retreats. This helped second-home markets (like resort destinations and ski towns) see strong price appreciation. For example, in The Wealth Report’s second-home index, Aspen in the U.S. was the priciest (only ~20 sq m per $1M) and exclusive sunbelt and alpine locales saw big gains (How much living space $1 million buys around the world | Business Insider Africa) (How much living space $1 million buys around the world | Business Insider Africa). This trend complements the urban story: many UHNWIs bought additional homes in idyllic locations, in addition to holding property in cities like Monaco or London.

Lastly, currency strength has played a big role in international real estate investment. The U.S. dollar’s recent strength (until late 2024) made properties in Europe and the U.K. relatively cheaper for dollar buyers – one reason US and Middle Eastern buyers went on a shopping spree in London and Provence. Conversely, a strong Swiss franc kept Geneva’s prices high in dollar terms. Going forward, shifts in currency and interest rates could influence which cities look “expensive” or “cheap” to globally mobile buyers, potentially nudging the rankings.

Conclusion

Monaco’s primacy in the luxury real estate world looks unassailable in the near term – its combination of scarce land, favorable taxes, and glamour give it a perennial edge. Hong Kong, Singapore, Geneva, and London round out the top five in 2025, each with their own unique market drivers but all commanding eye-watering prices for prime property. The past few years have shown minor reshuffling (with Singapore climbing and London/Geneva trading places, for instance), yet all five cities remain far ahead of the pack in costliness.

For investors and observers of global real estate, a few insights stand out. First, the ultra-wealthy continue to view prime property as a reliable store of value and a status asset, which has kept prices resilient even through economic ups and downs. Second, location-specific factors – from government policy to geopolitical stability – strongly influence which cities attract wealth. (Singapore’s rise and Hong Kong’s resilience are case in point.) Third, the “hard asset” appeal of real estate is growing as more billionaires are created; Knight Frank’s data showed the global billionaire population and UHNW wealth still rising in 2024, which translates to more capital chasing trophy properties (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard) (How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report | Personal Finance – Business Standard).

In the broader scope, while Monaco will likely remain the priciest market, opportunities and interest are spreading to new areas. Investors are looking beyond the traditional centers – whether to fast-growing luxury markets like Seoul and Dubai, or niche havens like resort towns – in search of value and lifestyle. Nonetheless, the top five blue-chip cities discussed here have an enduring appeal. They are the “gold standard” of luxury real estate, offering political stability, international connectivity, and prestige that ultra-rich buyers are willing to pay a premium for. As we head further into 2025, Monaco and its peers show that in the world of the wealthy, real estate values are both a barometer of global trends and a reflection of each city’s unique story – a tale of supply and demand, ambition and affluence, on an unimaginable scale.