Global prime property prices rose by 11% last year, with the highest growth reported in Antigua (40%), St Jean Cap Ferrat (39%) and St Petersburg at 38%.

The areas with the lowest growth were Dublin (-15%) and Noosa Heads, Australia (-7%).

The global wealth report from Knight Frank and Citi Private Bank places London at the top of the charts as most expensive location for prime residential property at £3,025 per square foot, followed by Monaco (£2,877) and St Jean Cap Ferrat (£2,860).

Courcheval comes in at number four as most expensive place for prime property, with Manhattan, Cortina D’Ampezzo, Portfino, Singapore, Tokyo and Verbier making up the rest of the top 10.

While one million Euros (£800,238) buys you only a small studio in London, Monaco or St Jean Cap Ferrat, the same money gets you a one-bedroom apartment in Portofino, Singapore or Tokyo.

The strongest growth reported comes from emerging markets, says Liam Bailey, Knight Frank’s head of residential research, particularly China and central and eastern Europe.

The second area of strong growth is in the global financial centres and second home hot spots of France, Italy and the Caribbean.

‘Top locations for price growth were a mix of second home locations and key prime cities,’ points out Mr Bailey. Antigua (40%) and St Jean Cap Ferrat (39%) topped the league table, followed by St Petersburg (38%) and Moscow (35%).’

Financial centres in the top ten were Singapore (31%), New York (25%) and Dubai with 24% growth.

Despite a weaker outlook for this year and next, Knight Frank believes prime markets will remain worthy of attention over the long term.

‘The emerging market sector should be on every investor’s radar – the likes of Brazil, China and India are seeing tremendous GDP growth and wealth creation. The recent strong capital price growth in these countries is due largely to a lack of quality product supply in many cities,’ adds Mr Bailey.

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