The answer is a “yes” if the product in question is luxury real estate — and if you’re comparing it to property in other parts of the world.

There are a number of global cities where prices are far higher than they are in the Big Apple. Investors perceive the value in NYC offer.

And the prices differentials are pretty astounding in some cases. For example, in Monaco, the most expensive market in the world, homes average $6,200 per square foot, according to the most recent Wealth Report from London-based real estate consultancy Knight Frank.

By comparison, the average price in Manhattan (for a luxury property) was $2,300 a foot as of March, according to the same report. That’s 60 percent less, though appraisal guru Jonathan Miller pegged the Manhattan average for the luxury segment at $2,735 in the second quarter. The overall average price per square foot for a condominium unit in Manhattan is around $1,300-$1,800 depending on the size of the apartment.

Hong Kong, London and Singapore are also pricier than New York, which ranked sixth on Knight Frank’s top 10 list, two notches higher than the year before. The cities were ranked based on the top 5 percent of their sales (the luxury segment) during all, or part, of 2013.

While the ranking includes several locations in Asia and Europe, Middle Eastern and South American cities are noticeably absent: for all its vast investments in luxury development, for instance, Dubai did not crack the top 10. Neither did Sao Paolo, Brazil, though both were price leaders in their regions, the data show. And faced with a softening housing market, much of it by governmental design, the four Asian cities on the list may see prices drop soon. In addition, New York is narrowing the gap with some Asian cities, where values are sliding after a massive multi-year run-up.