Most expensive cities in the world

10. Shanghai £1,260 per square foot
As the amount of private wealth continues to grow rapidly in Asia, property prices in China’s largest city grew by more than 10% during 2012.

9. Sydney £1,390 per square foot
Though price growth was broadly flat in Sydney last year, the city continues to benefit from Asian buyers looking for safe haven investments.

8. New York £1,400 per square foot
Following the downturn of the global economy, New York, alongside London, came to epitomise the safe haven property market. Overseas buyers, particularly those from Russia, China and Hong Kong have sustained demand.

8. New York £1,400 per square foot
This penthouse apartment is located in 400 Fifth Avenue, a 60-floor tower in midtown Manhattan. 400 Fifth Avenue

8. New York £1,400 per square foot
Prices in the luxury block start from £1.1 million for a one-bedroom property. 400 Fifth Avenue

7. Moscow £1,410 per square foot
The Russian capital is home to much of the country’s wealth and remains a solid spot for investment. The city recently snatched the credit of Europe's tallest building from The Shard with the construction of Mercury City

6. Singapore £1,610 per square foot
Prices edged up further in Singapore last year. The city’s Marina Bay complex pictured, which includes the 2,560-room Marina Bay Sands hotel and contains the most expensive casino property in the world, was developed across the bay and opened in 2010.

5. Paris £1,620 per square foot
French President Francois Hollande’s infamous tax on non-resident buyers is likely to have put off some overseas investment, but tax only forms part of the picture for the super rich, and the city has managed to retain its crown as one of the most expensive markets in the world.

4. Geneva £1,880 per square foot
Even though prices fell by around 6% in Geneva over the course of last year, the gateway to the Alps remains a core European investment target. This home in the exclusive suburb of Cologny boasts a back garden view of lake-side mountains and a guide price of £11.1 million. Knight Frank

3. London £2,690 per square foot
Unlike the rest of Britain, the capital’s property market has remained buoyant in recent years, especially up-market boroughs, including Westminster and, Kensington and Chelsea.

3. London £2,690 per square foot
This three-bedroom home in Pont Street Mews, Knightsbridge is on the market for £10.75 million. Brooks Gordon

3. London £2,690 per square foot
Set over five floors, the plush home features a private courtyard with a marble water cascade and a sliding glass roof allowing access to a terrace. Brooks Gordon

2. Hong Kong £3,150 per square foot
Despite introduction of a huge additional 15% stamp duty for foreign buyers, including those from mainland China, the rate of price growth in Hong Kong doubled to 8.7% in 2012.

2. Hong Kong £3,150 per square foot
This three-bedroom apartment in Mid-levels area of Hong Kong is being marketed with an eye-watering guide price of £2.2 million Sotheby’s International Realty

2. Hong Kong £3,150 per square foot
View from the apartmentSotheby’s International Realty

1. Monaco £3,700 per square foot
Securing the accolade of most expensive residential prices in the world, it’s little wonder Monaco is dubbed playground of the rich and famous. The Formula One Grand Prix and Monte-Carlo Jazz Festival help elevate the city as one of the world’s most glamorous locations.

1. Monaco £3,700 per square foot
Tour Odéon, due to be completed next year, is set to be the tallest building in the sovereign state – and also one of the most luxurious. Knight Frank

1. Monaco £3,700 per square foot
Among one to five-bedroom apartments, the double tower will contain two 1,200 square metre sky duplexes and a five-storey, 3,300 square metre sky penthouse. Knight Frank