What $1 million buys you around the world

Monaco Harbor on the French Riviera.
Silvain Sonnet | Getty Images

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.

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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.

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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.

$48 million apartment fit for royalty
$48 million apartment fit for royalty

Europe didn't fare as well, as the economic slowdown, more regulations and taxes, a lack of Russian buyers and political turmoil rattled property markets. Posh locales such as St. Moritz, Switzerland; Cap Ferrat, France; Paris and Milan all saw declines. Values dropped an average of 0.4 percent across Europe.

City markets continue to do better than second-home beach or ski destinations. Overall, Knight Frank expects demand for luxury property globally to remain strong in the coming years.

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"Property is definitely back on the agenda for private investors," the report said.

Here is what $1 million buys you around the world:

Source: Knight Frank