The Principality of Monaco has now overtaken London as the world's most expensive luxury property market, with prices reaching approx. $7,000 per square foot. According to newly-released data, the average price of Monaco's most expensive houses and apartments rose 30% over the past year as opposed to only 1.8% in London, which has held the top spot for the last five years, Bloomberg reports. As we noted a few weeks back, Monaco is home to the world's most expensive street, Avenue Princess Grace in Monte Carlo, where apartments cost tens of millions. London meanwhile has seen a steep decline in its luxury market, which has even affected Buckingham Palace to the tune of a $100 million depreciation. The top 10 luxury property markets in the world are now ranked as follows:

1. Principality of Monaco
2. London, England
3. Cap Ferrat, French Riviera
4. Courcheval, French Alps
5. New York, USA
6. Moscow, Russia
7. Tokyo, Japan
8. Hong Kong, China
9. Sydney, Australia
10. Paris, France