No Middle East destination makes the cut
Monaco is the most expensive real estate market globally in a world where location determines more than just the view from your window.
As of December 2024, data from New World Wealth and Henley & Partners reveal that the tiny Mediterranean principality commands an astounding $38,800 per square metre, or $3,603 per square foot, for prime residential property. This price tag positions Monaco far ahead of its nearest competitors in the global luxury property race.
A prime property, by definition, represents the best of the best—ultra-luxury apartments and homes located in desirable, globally connected cities or resort destinations. These are not just homes; they are lifestyle investments, often linked to residency or citizenship programmes, and represent elite levels of design, exclusivity, and return potential.
An unshakeable trio
Monaco’s supremacy is driven by an appealing zero-income tax regime, world-renowned luxury, and strong demand amid severely limited supply. With just over two square kilometres of territory, real estate in Monaco is not just premium—it is rare.
Following Monaco is New York City, where prime real estate is priced at $27,500 per square metre ($2,554 per square foot). The Big Apple is the beating heart of the global financial sector, a hub for investors, celebrities, and multinational corporations. Its appeal lies in the strength of its economy and the cachet of its neighbourhoods—think Central Park views, Fifth Avenue retail, and ultra-modern skyscrapers.
Not far behind is Hong Kong, priced at $26,300 per square metre ($2,444 per square foot). This dense and dynamic financial hub in Asia attracts global wealth, despite its political tensions and notoriously limited space. Its skyline symbolises high-value urban living, where even a modest flat in a prime area could be priced in the millions.
Six French cities secure top spots
What makes this year’s rankings particularly notable is France’s prominence. Six French destinations made it into the global top 20 for most expensive real estate markets, showcasing the enduring appeal of the French lifestyle and coastal luxury.
Saint-Jean-Cap-Ferrat leads the French contingent with prices of $21,200 per square metre ($1,971 per square foot). Nestled between Nice and Monaco, the peninsula has long been a favourite for elite holidaymakers and international billionaires.
With its unparalleled mix of culture, fashion, and historic charm, Paris ranks next at $20,400 per square metre ($1,895 per square foot). Coastal cities like Nice, Cannes, Antibes and the hilltop village of Èze also appear on the list, reflecting the Riviera’s continued allure as a destination for luxury living.
London and the global powerhouses
London, a long-standing major player, maintains a steady average price of $24,000 per square metre ($2,230 per square foot). Thanks to its historical significance, elite schooling, and powerful financial institutions, the UK capital remains a cornerstone for global investors.
Other global hotspots around the list include Sydney, Palm Beach, Miami Beach, Los Angeles, Singapore, and Geneva. Each city uniquely appeals to luxury seekers, from oceanfront properties in Australia to financial havens in Switzerland.
Dubai’s rising star
Dubai – the Middle East’s premier real estate and business destination – may not yet rank among the top 20 globally, but its upward trajectory is undeniable. The city has become a hotspot for luxury real estate in the region and is emerging as a significant player on the global stage. As of early 2025, the average price for prime real estate in Dubai is approximately $800 per square foot, equivalent to around $8,611 per square meter.
While Dubai’s figures pale compared to Monaco or New York, its market is evolving rapidly. Government reforms, visa incentives, and a reputation for high-end infrastructure have turned the city into a preferred investment destination, especially for buyers from Europe, Asia, and Russia. Properties on the Palm Jumeirah, Downtown Dubai, and Dubai Hills Estate are among the top performers in terms of price growth and investor interest.
What the future holds
The demand for prime real estate remains high, driven by geopolitical uncertainty, lifestyle migration, and the search for stable, high-yield investments. As more wealthy individuals pursue global citizenship and diversified portfolios, properties in key markets are expected to continue increasing in value.
Hero image: Monaco is far ahead of its nearest competitors in the global luxury property race. Credit: Vincent Rivaud
