Europe is still the favoured bolthole for the super-rich to invest in property and the most expensive cities may not come as a surprise.
Research by estate agents Knight Frank found that demand for prime real estate is still on the up as the elite seek a safe haven for their millions and places to spend it in style.
A review of European cities found that investors from outside the European Union flocked to the most stable residential markets in London, Vienna and Geneva in the wake of the 2008 financial crisis.
Madrid and Dublin fared worse as buyers pulled out amid economic uncertainty and prices varied by up to 50 per cent in places.
The report estimated what someone looking for luxury property can get with €1 million (810,000) in Europe’s top cities – and it’s not much.
Europe's most expensive cities
Europe's most expensive cities
1/14 1. Barcelona
In the Spanish city €1 million (810,000) will buy you 166.7 sq m
2/14 2. Madrid
In the Spanish capital €1 million (810,000) will buy you 166.0 sq m
Sebastian Dubiel/Wikimedia Commons
3/14 3. Dublin
In Ireland's capital €1 million (810,000) will buy you 142.9 sq m
4/14 4. Florence
In the picturesque Italian city €1 million (810,000) will buy you 111.1 sq m
5/14 5. Vienna
If you looking to buy property in the historical Austrian city, €1 million (810,000) will buy you 95.2 sq m
JOE KLAMAR/AFP/Getty Images
6/14 6. Munich
In the German city €1 million (810,000) will buy you 87.0 sq m
Stefan Kühn/Wikimedia commons
7/14 7. Rome
In the Italian capital €1 million (810,000) will buy you 83.3 sq m
8/14 8. Venice
Looking to purchase property in the city of canals? Then €1 million (810,000) will buy you 74.1 sq m
9/14 9. Moscow
In the Russian capital €1 million (810,000) will buy you 59.4 sq m
10/14 10. Zurich
In Switzerland's largest city €1 million (810,000) will buy you 58.1 sq m
11/14 11. Paris
In the French capital €1 million (810,000) will buy you 56.4 sq m
12/14 12. Geneva
In the second-largest city in Switzerland €1 million (810,000) will buy you 47.1 sq m
13/14 13. London
In the capital €1 million (810,000) will buy you 33.2 sq m
14/14 14. Monaco
Unsurprisingly in Monaco €1 million (810,000) will only buy you 20.6 sq m
Monaco, long renowned as a sun-drenched playground for the super-rich, tops the list, offering a paltry 20.6 sq m for the price.
London comes in a close second, with 33 sq m, followed by Geneva, Paris, Zurich, Moscow and Venice.
At the bottom of the table, parts of Spain seem comparatively good value, with €1 million buying 166 sq m of luxury in Madrid and Barcelona.
The report found that as the economic climate improves, the prime property market continues to be influenced by the passage of money and “lifestyle choices made by the world’s wealthy”.
According to the research, each city has its own draws and hotspots.
London experiences the most demand from China, Russia and Singapore and draws people to the quality of life available and good schools.
Prices can vary between 26,000 and 32,000 euros per square metre and the most desirable street is Kensington Palace Gardens, where those living on “billionaire’s row” can count the Duke and Duchess of Cambridge as neighbours.
Brits abroad appear to prefer investing in sunnier climes, topping the list of investors in Barcelona, Rome and Florence.
The “prime” estate market is targeted to “high-net-worth individuals”, who tend to own multiple homes in numerous locations across the world.
According to the research, more than 15,600 people with assets of more than $30 million (£17.8 million) will be living in Europe’s 14 key cities by 2023.
A spokesman for Knight Frank said: “Although wealth creation is forecast to be strongest in emerging markets in Asia and Latin America, the appeal of Europe’s luxury bricks and mortar will – due to its history, diverse cultures, architecture and climate – mean it will remain the location of choice for the world’s wealthy.”Reuse content