At $81,000 (€53,000) per square metre, Monaco's residential real estate is the most expensive in the world according to Knight Frank.

Prices extend beyond $153,000 per share metre (€100,000) for top properties on the city's exclusive Carre D'Or, according to the Knight Frank report, Monaco Insight 2017, Analysis of Monaco's Prime Residential Market.

Sydney was placed tenth place on the list, while Melbourne came in at 19th.

Source: Knight Frank.

With 16,1000 millionaires in a population of only 37,550, and with no new residential units built in 2016, it's not hard to see why prices continue to soar - and are likely to keep rising.

And then there's also the glamorous Monaco lifestyle, and the tax-free status of the Mediterranean city state.

Click here to read the Knight Frank report, Monaco Insight 2017, Analysis of Monaco's Prime Residential Market.

Read more about the world's most exclusive real estate:

Sydney and Melbourne remain in Knight Frank's top 10 for luxury real estate

Australia ranks 11th on Knight Frank's Global House Price Index

Sydney, Melbourne, Hobart climb Knight Frank global price-growth index