Interested in a flat on the Riviera or overlooking the Neva in St Petersburg? Purchasing homes far from London is tempting as the rise in the price of upscale properties in several locations outpaced that of comparable ones in South Kensington and Knightsbridge last year.

In France’s St Jean Cap Ferrat, the average price of a luxury home rose 39 per cent to £2,860 per square foot in 2007, in St Petersburg, it rose 38 per cent and in Moscow it was 35 per cent. In London, the value of prime properties rose 29 per cent, according to a report published this week by the property group Knight Frank and Citi Private Bank.