World's Most Expensive Real Estate Markets

Despite an economic decline, properties in the most expensive areas in the world are still commanding high premiums. Prices in London, Monaco, Manhattan, and in famous European beach resorts and ski resorts continued to climb last year, as the pool of wealthy buyers from places like China, India, and Russia grew. Businessweek looked at the 20 most expensive real estate markets in the world and what you could buy for $1.5 million. In most places all you could get was a "glorified shoebox." London has the highest average price per square foot in the world-around $6,191. Here are the rankings for the most expensive areas in worlds ( Knight Frank):

1. London: Price: $6,191 per sq. ft.
2. Monaco: Price: $5,888 per sq. ft.
3. St. Jean Cap Ferrat (France): Price: $5,853 per sq. ft.
4. Courchevel (France): Price: $4,710 per sq. ft.
5. Hong Kong: Price: $4,507 per sq. ft.
6. Manhattan: Price: $4,320 per sq. ft.
7. Cortina d'Ampezzo (Italy): Price: $3,028 per sq. ft.
8. Portofino (Italy): Price: $2,692 per sq. ft.
9. Singapore: Price: $2,423 per sq. ft.
10. Tokyo: Price: $2,334 per sq. ft.
11. Verbier (Switzerland): Price: $2,325 per sq. ft.
12. Moscow: Price: $2,235 per sq. ft.
13. St. Tropez (France): Price: $2,106 per sq. ft.
14. St. Petersburg: Price: $1,937 per sq. ft.
15. Sydney: Price: $1,926 per sq. ft.
16. Paris: Price: $1,872 per sq. ft.