When you think of the price of a prime property (i.e., part of the top 5% of the most expensive properties on the market), what city in the world comes to mind? New York? Paris? London? It's close. Monaco tops the list, according to a report by real estate firm Knight Frank, quoted by Bloomberg. A million dollars can buy about 16 square meters in the principality, which remains a magnet for the world's richest people. Monaco offers a dream world that combines luxury, glitzy lifestyle, casinos and low taxes.

Monaco is followed by Hong Kong, a city that continues to attract investors from mainland China and where one million dollars allows you to buy 22 square meters. London, Geneva and New York complete the top 5 podium among the most expensive prime property prices, where US$1 million is enough to buy 22, 32 and 33 square meters, respectively.

Dubai, a city that has seen strong growth in demand for property, pushing up prices, is in 13th place in the ranking. One million dollars in this Middle Eastern city can buy 91 square meters, while in Madrid - 14th place - can buy 96 square meters and in Mumbai, the Indian city that closes the list of 15 cities, one million dollars can buy 103 square meters.