The exclusive principality of Monaco takes top spot in a list of the most expensive real estate markets in the world.
According to new research by location analytics specialists Webster Pacific and market research firm New World Wealth, real estate in the principality sells for around $49,000 per square metre, so overseas property investors will need deep pockets.
For the purpose of the report figures were rounded to the nearest $1,000 and the index focused on the price of top-end (prime) apartments in the most exclusive parts of each city or town.
Monaco was way ahead of the second most expensive city which was deemed to be New York at $34,000 per square metre.
Third on the list for most expensive cities for top-end real estate was a bit closer to home, with London taking the last podium spot at a cost of $33,000 per square metre.
The French region saw more entries in the top list with fourth spot going to St Tropez with real estate as expensive as $32,000 per square metre. While property in St Jean Cap Ferrat costing $31,000 per square metre secured fifth place for the French city.
Hong Kong at $28,000 and Geneva at $26,000 per square metre took sixth and seventh spots. While Sydney came in eighth most expensive with real estate at $25,000 per square metre.
Ninth place saw a three-way tie between Lake Como, Italy, Porto Cervo in Sardinia, and Pebble Beach, Monterey. All costing around $21,000 per square metre for top-end properties.
Singapore comes in at number 13 at $19,000 per square metre, followed by Paris and Nice at $18,000 per square metre each.
Next up in sixteenth place is Tokyo at $17,000 per square metre and Melbourne in seventeenth at $16,000 per square metre.
The last three on the top-20 list are all American cities coming in at $14,000 per square metre, namely Los Angeles, San Francisco and Miami.
Overseas property investors on a budget may wish to look elsewhere.