You could trade in your tiny New York City apartment for a grand 3,200-square-foot villa in the hills of Tuscany.
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If you've been dreaming of moving to Europe but need an extra push to make the decision or are held back by financial concerns, this new study could be just what you need.
The real estate market in a city like New York is harsh, with many people struggling to afford a small apartment, but in comparison, what the same money can buy in Italy or Greece seems incredible.
Expat living research website My Dolce Casa calculated how much home you could buy for the price of a 500-square-foot Manhattan apartment in different parts of five of Europe's most popular Mediterranean countries: Portugal, Spain, Italy, France, and Greece.
According to the most recent data from Realtor, the median property price in Manhattan (New York County) is about $1,500 per square foot, which equates to $750,000 for a 500-square-foot apartment. Using that price as a base price and My Dolce Casa's real estate data on price per square foot in five European countries, the company calculated what size home you could have for the same amount.
How big a house could you buy in Italy for the price of a New York condo?
In Italy, you can trade in your tiny New York City apartment for a luxurious 3,200-square-foot villa in the hills of Tuscany, where the average price per square foot is $237. In sunny Sicily, a budget of $750,000 can buy you a luxurious 7,200-square-foot mansion.
In Molise, Italy's most affordable region, you can buy up to 16 times as much space in the form of gigantic villas that exceed 8,000 square feet. In Puglia, with its beautiful coastline and whitewashed towns and villages, properties are selling for an average price of $126 per square foot. That means $750,000 can buy you a home of about 6,000 square feet, maybe including your own olive grove.
How big a house can you buy in Spain for the price of a New York condo?
The Balearic Islands are the most expensive area to buy property in Spain, costing around $450 per square foot, but you can get around 1,600 square feet of space, more than three times the size of Manhattan. The region includes the popular islands of Mallorca, Menorca and Ibiza.
In the Balearic Islands, the most expensive region to buy property in Spain, you can get about 1,600 square feet of space for about $450 per square foot.
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In southern Andalusia, home to gorgeous Moorish architecture, the average square footage in this price range is 3,348, or $224 per square foot.
On the east coast of Catalonia around Barcelona, you can expect to get a home as large as 3,000 square feet, while on the Costa Blanca coast near Valencia you might get a beautiful Mediterranean-style home of 3,866 square feet.
How big a house could you buy in France for the price of a New York condo?
Although the French real estate market tends to be more expensive than other Mediterranean countries, you can still afford a larger space than you could in New York.
In the Loire Valley, with an average price of $187 per square foot, you can live like royalty in a beautiful 4,000-square-foot home surrounded by storybook castles and tiny villages.
In the lavender-scented countryside of Provence and the coveted Southern French coast, the average property price per square foot is $357.
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In the sunny Occitanie region of southwestern France, $750,000 will buy you 3,700 square feet of space — more than seven times what you'd get in Manhattan — for $203 per square foot.
In the lavender-scented Provence and coveted Southern French coast, you'll find an average property price of $357 per square foot and an average estate of 2,100 square feet. On the Atlantic coast of Normandy, with its rugged coastline and delicious seafood, you can live in a spacious 3,327 square foot home.
How big a house can you buy 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 rose 7% last year after several consecutive years of double-digit increases driven by demand from foreign buyers.
Still, Portugal maintains its appeal among Americans as the “California of Europe” thanks to its dry, sunny climate and stunning coastal scenery.
Known for its beautiful coastal views and low-cost lifestyle, real estate prices in the Algarve region of southern Portugal average $345 per square foot. For $750,000 you could own a 2,174 square foot home in this dream location.
Among the countries analyzed, the Portuguese real estate market is the most in demand.
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Real estate prices are highest in the Lisbon metropolitan area, where you can get a property just under 2,000 square feet for $750,000 at $380 per square foot. This area is home to Portugal's capital city, Lisbon, as well as many popular coastal cities like Cascais and Setubal.
In central Portugal, you can buy the most space at over 5,000 square feet, at a price of $148 per square foot. On the popular Atlantic island of Madeira, you can expect to get about 2,373 square feet of space.
How big a house can you buy in Greece for the price of a New York condo?
The Greek Islands are some of Europe's most popular vacation spots, but $750,000 still gets you a surprising amount.
Properties on the Aegean islands, including summer hotspots Mykonos and Santorini, are selling for $329 per square foot, which equates to 2,280 square feet of living space — about four and a half times the size of Manhattan.
The Greek Islands are one of Europe's most popular vacation spots, but you can get a staggering amount for $750,000.
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Real estate in the Ionian Islands averages $254 per square foot, meaning $750,000 will get you a home that's almost 3,000 square feet. Real estate in Crete, Greece's largest island, averages $215 per square foot, so you could live in a 3,488 square foot home.
If you're looking for a bargain, Thessaly can get you a home for just $128 per square foot. For the price of a tiny New York condo, you can get a spacious 5,859 square foot home here – 11.7 times the size of one in New York.
