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Knight Frank has released its new Wealth Report, listing the top 20 most expensive luxury real estate markets in the world. It once again shines the spotlight on how far property prices have fallen in the US, Spain and Portugal. While the most expensive of luxury property can be found in the tiny tax haven of Monaco, Mumbai slides into the global ranking at number 16 as demand is rising fast, and the supply of luxury homes remains limited.

However, what鈥檚 surprising is that even though the US is still the number two realty powerhouse in the world, properties in Monaco, Hong Kong, London, Geneva, Paris, Singapore, and Moscow are more expensive than New York. Knight Frank said the demand for luxury property was returning following the global financial crisis and a desire to invest in locations considered to be safe havens.

In Monaco, with luxury properties costing between $57,600-63,700 per square metre during the fourth quarter of 2012, it is at least double of the other cities on the list except three. While real estate prices in the tiny country are consistently high, Monaco saw a bump this year as buyers shied away from French hotspots in a reaction to President Hollande鈥檚 wealth tax proposals, the Knight Frank report said.

And Monaco, which does not charge a personal income tax, was particularly popular with Russian buyers over French markets. Monaco, land-constrained, has always been the home of the super rich, said Liam Bailey, head of residential research at Knight Frank. All the Chinese money is going to Hong Kong.

It鈥檚 still the financial capital of Asia. As for London, it鈥檚 the most attractive investment for all of Europe. Dubai too has recovered some of its popularity with Russians, but competition from buyers from North Africa, Pakistan, India and Iran has been an important factor in helping to drive prices higher this year, the report said. Meanwhile, the Russians and Chinese are the main force behind this spurt in property investment.