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 buys you only 16 square meters (or about 172 square feet) in Monaco, the world’s most expensive luxury market as measured per meter. That’s down from 17 square meters (182 square feet) in 2020.
In Hong Kong, which ranks second, $1 million gets you 22.5 square meters, or about 242 square feet. New York looks downright affordable next to London, Singapore and Geneva, with $1 million getting you 33.9 square meters, or 365 square feet.
Luxury real estate in most major markets around the world continues to become more expensive, as the wealthy grow wealthier and more mobile. Last year, prices for prime real estate in 100 markets tracked by Knight Frank increased by 3.2%, outpacing the growth of mainstream global housing prices at 2.9%.
The Middle East led global luxury growth last year, with prices in Dubai up 25% in 2025 and nearly 200% over the past five years, according to the report. Tokyo was the big standout in 2025, with prices surging 58%, according to the report. Manila, Seoul and Prague also had strong price growth.
