Which city has the most expensive luxury properties in Europe?

The super-rich are still driving prices upwards in London, Paris and Rome

Luxury yachts and apartment buildings reflected in the calm waters of Fontvieille harbor, Monaco

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.

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.

The chart shows the amount of space (in sq m) that €1m buys currently buys you in each of the 14 cities, based on typical prime prices as at March 2014. (Knight Frank)

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.”