Do you ever daydream of owning a beautiful villa under the Tuscan sun or a charming beach house in the Greek islands with views that make you shout “Mamma Mia”? Meanwhile, you’re living the reality of New York’s impossible real estate market, where you can hardly afford a tiny condo which costs three quarters of a million dollars? Imagine what you could buy with that money in Italy or Greece.
Now, you no longer have to imagine, because living abroad research website My Dolce Casa has figured out exactly how big of a home you could purchase in each region 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 about 70 different regions in the five European countries, we calculated what home size you could own there for the same money.
For instance, if you’re ready to give up on New York’s expensive housing market, you could purchase up to 16 times as much space in Italy’s most affordable region, Molise, a giant villa of over 8,000 square feet in size. Even in the most expensive region of France, Ile-de-France, where Paris is located, you’ll still be able to get three times as much space as in Manhattan, 1,494 sqft.
Swap Your Manhattan Studio for a Villa in One of Europe’s Ultra-Popular Destinations
You can trade your tiny New York apartment for a grand 3,200-square-foot villa in the hills of Tuscany Italy. In sunny Sicily, this budget will buy you a glamorous mansion 7,200 square feet in size.
You could spend the days by the beach, on Southern Spain’s Costa del Sol in the Andalusia region, in a Mediterranean-style 3,300-sqft villa. Or enjoy perfect temps all year long in the Canary Islands in a 2,800-sqft home overlooking the Atlantic Ocean.
If you’re more of a France person, you could live like a king or queen in a home as large as 4,000 square feet in the storybook-like Loire Valley region, or treat yourself to a 2,100-sqft home in the glitzy South of France.
How about ditching New York for sunny Portugal? Here, you can splurge on a 3,300-square-foot house in Northern Portugal, where the vibrant city of Porto is located. Even the coveted Algarve region in Southern Portugal will offer over four times as much living space as Manhattan for the money: about 2,200 sqft.
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New York vs Italy
Italy has been a longtime favorite destination for second home buying among Americans. One of the reasons for this is that the Italian real estate market remains one of the most affordable in Mediterranean Europe.
So, let’s take a closer look at some of the most popular places in Italy to own a vacation home and what you could buy there for the price of a 500-sqft condo in Manhattan.
Tuscany: 3,165 sqft home, 6.3 times more space
Tuscany is the number one most beloved region of Italy by Americans. Although it is one of the most expensive places to live in Italy, with a budget of $750,000 you’ll have no trouble finding an amazing Tuscan villa of over 3,000 sqft in many locations throughout the region. The average price per square foot in Tuscany is $237.
Sicily: 7,212 sqft home, 14.4 times more space
In Italy, you’ll get the most for your money in sun-soaked Sicily, a very affordable real estate market. With an average price per square foot of just $104, you can own a sprawling Italian villa as large as 7,200 square feet.
Puglia: 5,952 sqft home, 11.9 times more space
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.
Villa Courtyard in the Southern Region of Puglia, Italy
Lazio: 3,521 sqft home, 7 times more space
If Rome is your dream destination, the average price in the region of Lazio is $213 per sqft, the equivalent of a grand 3,500 sqft villa for the price of a small New York apartment.
Lombardy: 3,409 sqft home, 6.8 times more space
Lombardy in Northern Italy, home to Milan, is generally one of the more expensive parts of the country. This doesn’t mean that you won’t find great deals on homes if you look outside of Milan. The average home price in Lombardy is $220 per sqft, which can get you a home as large as 3,400 sqft.
Liguria: 2,930 sqft home, 5.8 times more space
Finally, for $256 per sqft, you’ll be able to purchase a 2,930-sqft home, on the stunning Ligurian Coast, with its colorful towns around Cinque Terre and the popular vacation spots along the Italian Riviera.
New York vs Spain
Spain has always been a top vacation destination, but what does the Spanish real estate market have to offer for $750,000?
Balearic Islands: 1,674 sqft home, 3.3 times more space
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 famous Mallorca, Menorca, and Ibiza islands.
Andalusia: 3,348 sqft home, 6.7 times more space
In the Southern region of Andalusia, with its gorgeous homes boasting the most incredible Spanish-style architecture, the average square footage you can enjoy at this price point is 3,348, or $224 per square foot.
Marbella, Costa del Sol, Andalusia Region, Spain
Catalonia: 3,061 sqft home, 6.1 times more space
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.
Castilla-La Mancha: 7,813 sqft home, 15.6 times more space
The inland regions of Spain have the most affordable real estate. A budget of $750,000 buys you a large villa of up to 7,800 square feet in size in Castilla-La Mancha.
New York vs France
The French real estate market tends to be more expensive than the rest of the Mediterranean countries. Nonetheless, there are plenty of opportunities to own a sizable home in most of its regions.
Loire Valley: 4,013 sqft home, 8 times more space
On the Loire Valley, at an average price per square foot of $187, you could live like royalty among imposing castles and charming villages in a beautiful 4,000-square foot home.
Occitanie: 3,697 sqft home, 7.4 times more space
In the sunny region of Occitanie, in Southwestern France, $750,000 buys you 3,700 square feet of space, at a price per square foot of $203.
French Countryside Home in Provence, France
Provence, Alpes and Cote d’Azur: 2,100 sqft home, 4.2 times more space
In the romantic 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.
Normandy: 3,327 sqft home, 6.6 times more space
On the Atlantic Coast of Normandy, with its spectacular coastline and mouthwatering seafood, you can picture yourself living in a spacious 3,327-sqft home.
New York vs Portugal
Of the countries analyzed, Portugal’s real estate market is no doubt the hottest right now. 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. So what size home can you buy in Portugal for the cost of a 500-sqft New York apartment?
Algarve: 2,174 sqft home, 4.3 times more home
The Southern Portugal region of Algarve is one of the most attractive locations in Europe, with an incredibly beautiful coastline, golden beaches and laid-back lifestyle. Although it has some of the most expensive real estate in Portugal, with an average price per square foot of $345, for $750,000 you can own a beautiful 2,174 sqft home in this dream location.
Algarve Region Portugal
Metropolitan Lisbon: 1,974 sqft home, 3.9 times more space
You will encounter the highest property prices 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.
Central Portugal: 5,068 sqft home, 10 times more space
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.
Madeira Island: 2,373 sqft home, 4.7 more space
On the popular Madeira Island in the Atlantic Ocean, expect to be able to buy around 2,373 square feet of space.
New York vs Greece
If island living is what you’re after, the Greek real estate market is your best bet. While homes on continental Greece tend to be more affordable, there is plenty of great real estate you could buy on the Greek islands for $750,000.
Aegean Islands: 2,280 sqft home, 4.5 times more space
Property in the Aegean Islands, which include the famous Mykonos and Santorini, sells for $329 per square foot, on average. This is the equivalent of 2,280 square feet of living space. If you’re looking for that dream beach house in Greece, you’re certain to find amazing real estate deals on many of the less-touristy islands.
Traditional Houses on Santorini Island, Greece
Ionian Islands: 2,953 sqft home, 5.9 more space
Property in the stunning Ionian Islands, among the most amazing turquoise waters you can image, costs on average $254 per sqft. This means that $750,000 buys you a home almost 3,000-sqft in size.
Crete Island: 3,488 sqft home, 7 times more space
Real estate on Greece’s largest island, Crete, costs on average $215 per sqft. This means that you can enjoy true island life, natural beauty, with all the modern amenities in a spacious 3,488 sqft house.
Thessaly: 5,859 sqft home, 11.7 times more space
The entire country of Greece is incredibly beautiful. So if you’re hunting for a bargain, the region of Thessaly, at $128 per square foot, is worth a look. For the price of a crammed New York condo, you could own a sprawling 5,859-square foot home here.
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Methodology:
- When using or citing this data, please give credit to My Dolce Casa by linking back to this report
- Home price data is valid as of the date of this report
- Real estate data was analyzed for 68 regions in Portugal, Spain, Italy, France and Greece. Some regions where data was not available may not be included.
- U.S. home prices original data source: Realtor.com
- Italy, Spain and Portugal home prices original data source: Idealista.com
- Greece home prices original data source: Indomio.gr
- France home prices original data source: SeLoger.com
- Original prices were published in euros per square meter
- Euros were converted to U.S. dollars at an exchange rate valid as of the date of this report
- Square meters were converted to square feet
