If you're looking for good value for your real estate millions, you might want avoid Monaco and head to South Africa.
The Wealth Report 2016, released Wednesday by real estate firms Knight Frank and Douglas Elliman, looked at what $1 million can buy around the world.
According to the report, Monaco remained the world's most expensive residential real estate market on a square-meter basis, with $1 million buying only 17 square meters, or 183 square feet. That means for $1 million you can get a 12-by-15-foot room, likely overlooking a water-treatment plant the rather than the marina.
Hong Kong was the second most-expensive market, with $1 million buying 20 square meters, or 215 square feet. London ranked third with 22 square meters, or 236 square feet.
New York once again ranked as the most expensive U.S. city on a per-meter basis, with $1 million buying 27 square meters, or roughly 290 square feet.