A million dollars isn't what it used to be, especially in the world's luxury real estate markets.
According to a new survey from Knight-Frank, $1 million buys you only 17 square meters, or 183 square feet, in Monaco, the world's most expensive real estate market as measured by average cost per square foot.
Hong Kong ranked second, with $1 million buying you only 20 square meters, or around 215 square feet. In London, you'll get just a wee bit more for $1 million, or about 21 square meters.
After London, New York ranked fourth, with $1 million getting you a whopping 34 square meters, or 366 square feet, which is, of course, luxurious compared to the city's new micro apartments.
Cape Town, South Africa, and Dubai are still the real bargains when it comes to luxury real estate around the world. Your $1 million gets you 204 square meters, or 2,196 square feet, in Cape Town, and 145 square meters, or 1,560 square feet, in Dubai.
When it comes to price growth, however, New York topped the list for prime property worldwide, according to Knight Frank. Prices jumped 18 percent in New York in 2014.
Aspen, Colorado, ranked second, with prices up 16 percent. Bali, Indonesia; Istanbul and Abu Dhabi rounded out the top five price gainers.