If you dream of relocating to Europe but need an extra push to take the plunge or are hesitating over financial concerns, this new study might be what you need.
Compared to the reality of a city like New York’s impossible real estate market, where many struggle to afford even a small apartment, what the same money can buy in Italy or Greece seems unbelievable.
Living abroad research website My Dolce Casa has calculated the size of house you could purchase in different regions of the five most popular Mediterranean countries in Europe—Portugal, Spain, Italy, France and Greece—for the same price as a 500-sqft Manhattan condo.
The most recent data from Realtor shows that the median listing price in Manhattan (New York County) is around $1,500 per square foot, which is the equivalent of $750,000 for a 500-square-foot apartment. Using this as the benchmark price point and My Dolce Casa real estate data on the price per square foot in the five European countries, the company calculated what home size you could own there for the same money.
What Size House Can You Get In Italy For The Price Of A New York Condo?
In Italy, you could trade a small New York apartment for a grand 3,200-square-foot villa in the hills of Tuscany, where the average price per square foot is $237. In sun-soaked Sicily, a $750,000 budget will buy you a glamorous mansion 7,200 square feet in size.
You could purchase up to 16 times as much space in Italy’s most affordable region, Molise, in the form of a giant villa of over 8,000 square feet in size. Puglia, with its stunning coastline and white-washed towns and villages, has real estate for sale at an average price per square foot of $126. This translates to almost 6,000 sqft of house for $750,000, and it will probably include your own olive grove.
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What Size House Can You Get In Spain For The Price Of A New York Condo?
In the Balearic Islands, the most expensive region in Spain to buy real estate at about $450 per square foot, you will be able to purchase about 1,600 sqft of space—more than three times as much space as in Manhattan. The region includes the popular Mallorca, Menorca, and Ibiza islands.
In the Southern region of Andalusia, where you can find lavish Moorish-style architecture, the average square footage at this price point is 3,348, or $224 per square foot.
On the Eastern Coast of Catalonia, around Barcelona, expect to get a house as large as 3,000 square feet, while on the beaches of Costa Blanca near Valencia, you could own a beautiful Mediterranean-style 3,866-sqft home.
What Size House Can You Get In France For The Price Of A New York Condo?
The French real estate market tends to be more expensive than the rest of the Mediterranean countries, though you’ll still be able to afford more space than in New York.
In the Loire Valley, at an average price per square foot of $187, you could live like royalty among storybook-esque castles and petite villages in a beautiful 4,000-square-foot home.
In the sunny region of Occitanie, in Southwestern France, $750,000 buys you 3,700 square feet of space—over seven times as much as in Manhattan—at a price per square foot of $203.
In the lavender-scented region of Provence or on the coveted Southern Coast of France, the average property price per square foot is $357, which gets you 2,100 square feet of real estate, on average. On the Atlantic Coast of Normandy, with its wild coastline and mouthwatering seafood, you can live in a spacious 3,327-sqft home.
What Size House Can You Get In Portugal For The Price Of A New York Condo?
Of the countries analyzed, Portugal’s real estate market is the most in demand. Home prices in Portugal have increased by 7% in the last year, following several consecutive years of double-digit increases due to the demand from foreign buyers.
Even so, Portugal has maintained its allure among Americans as ‘Europe’s California’, with its dry sunny climate and stunning coastal landscapes.
The Southern Portugal region of Algarve, which is known for its coastal beauty spots and low-cost lifestyle, has real estate at an average price per square foot of $345. For $750,000 you can own a 2,174 sqft home in this dream location.
The highest property prices are found in the metropolitan region of Lisbon. Here, for $380 per sqft, you can buy just under 2,000 sqft for $750,000. This region includes many popular coastal cities, such as Cascais and Setubal, as well as the Portuguese capital, Lisbon.
You can own the most space for the money in Central Portugal, over 5,000 square feet, at a price per square foot of $148. On the popular Madeira Island in the Atlantic Ocean, expect to be able to buy around 2,373 square feet of space.
What Size House Can You Get In Greece For The Price Of A New York Condo?
Greece’s islands are some of the most popular vacation spots in Europe, but you can still get a surprising amount for $750,000.
Property in the Aegean Islands, which include the summer hotspots Mykonos and Santorini, sells for $329 per square foot. This is the equivalent of 2,280 square feet of living space or about 4.5 times more space than Manhattan.
Property in the Ionian Islands costs on average $254 per sqft. This means that $750,000 buys you a home almost 3,000-sqft in size. Real estate on Greece’s largest island, Crete, costs on average $215 per sqft so you could find yourself in a 3,488 sqft house.
If you’re hunting for a bargain, there’s the region of Thessaly at $128 per square foot. For the price of a cramped New York condo, you could own a sprawling 5,859-square foot home here, 11.7 times the size.
