France, Provence-Alpes-Côte d’Azur, Côte d’Azur, Alpes-Maritimes, Principality of Monaco.
Marco Bottigelli | Instant | Getty Images
A million dollars isn’t what it used to be, especially in luxury real estate.
According to the new Knight Frank Wealth Report, $1 million will only buy you 16 square meters (or about 172 square feet) in Monaco, the world’s most expensive luxury market, measured by the meter. That’s down from 17 square meters (182 square feet) in 2020.
In Hong Kong, which comes in second, $1 million gets you 22.5 square meters, or about 242 square feet. New York seems quite affordable next to London, Singapore and Geneva, at $1 million for 33.9 square meters, or 365 square feet.
Luxury real estate in most major markets around the world continues to get more expensive, as the wealthy become wealthier and more mobile. Last year, prime property prices in 100 markets tracked by Knight Frank rose 3.2%, outpacing general property price growth globally at 2.9%.
The Middle East dominated global luxury growth last year, with prices in Dubai, United Arab Emirates, rising 25% in 2025 and almost 200% over the past five years, according to the report. Tokyo was the big star in 2025, with prices rising 58%, according to the report. Manila, the Philippines, Seoul, South Korea and Prague also saw strong price growth.
For future growth, Knight Frank says Mumbai, India, Brisbane, Australia, Miami and Hong Kong are all future hotspots for luxury real estate. The report says the ultra-rich are more mobile than ever, buying homes all over the world and moving from city to city more frequently.
“Rising taxes and growing regulatory pressures are accelerating global wealth mobility,” the report said. “As a result, established hubs such as London are moving towards a ‘dip-in, dip-out’ model: places to spend time for business, culture and connectivity rather than permanent residence. »
Liam Bailey, global head of research at Knight Frank, said the luxury markets with the strongest prospects have low supply combined with strong lifestyle and tax appeal. Miami, Milan and Dubai, for example, have attractive tax environments. New York and London attract the wealthy for their lifestyle and commercial concentration. However, the two cities are becoming less attractive for tax reasons.
“Every market that wants to be successful in attracting UHNW capital over the next decade needs to be positioned at an attractive point on the tax curve,” Bailey said. “Capital is already moving away from high-friction environments and toward jurisdictions that actively court wealth.”