The dream of owning property in Manhattan, NY may seem like a lofty goal for many individuals due to the sky-high real estate prices. With a median price per square foot of $1,500, the cost of purchasing a 500-square-foot condo can be quite daunting. However, an interesting report from My Dolce Casa sheds light on the fact that for the same price as a tiny apartment in New York City, one can become the proud owner of sprawling properties in various Mediterranean destinations. Let’s delve into the details and explore the real estate trade-offs between NYC and these exotic locales.
Sicily, Italy: Size of property – 7,212 sq. ft
Sicily, Italy, with its rich history, beautiful beaches, and charming hilltop towns, offers a striking contrast to the bustling streets of Manhattan. The lure of purchasing a property over 7,000 square feet in Sicily for the price of a 500-square-foot apartment in NYC is certainly enticing.
Loire Valley, France: Size of property – 4,013 sq. ft
The Loire Valley in France, known for its beautiful landscapes, historic towns, and world-class wines, presents an attractive alternative to the cramped spaces of New York City. With the option to trade in a NYC studio apartment for a home eight times bigger in the Loire Valley, the appeal becomes evident.
Porto, Portugal, the second-largest city in the country, offers a rich tapestry of history, architecture, and fortified wine. The opportunity to own a property over six times the size of a 500-square-foot NYC apartment in Porto is certainly a tempting proposition.
Tuscany, Italy: Size of property – 3,165 sq. ft
Tuscany, Italy, a popular tourist destination with iconic landmarks such as the Leaning Tower of Pisa and Michelangelo’s “David” statue, showcases the allure of purchasing a property six times the size of an NYC apartment. The charm of Tuscany beckons as a tranquil retreat from the hustle and bustle of the city.
Crete Island, Greece: Size of property – 3,488 sq. ft
The largest Greek island, Crete, offers a glimpse into idyllic island living with real estate costs averaging $215 per square foot. Trading in a NYC condo for a spacious home overlooking the azure waters of the Mediterranean on Crete is a dream within reach.
Catalonia, spanning the Mediterranean coast and home to Barcelona, welcomes visitors with open arms. The prospect of acquiring a 3,000-square-foot house in Catalonia for the price of a small NYC apartment is a tantalizing proposition for those seeking a change of scenery.
Canary Islands, Spain: Size of property – 2,830 sq. ft
The picturesque Canary Islands, located off the coast of Morocco, offer a sunny retreat with good weather year-round. With approximately 14 million international visitors in 2023, the Canary Islands provide a charming escape for those looking to trade their NYC studio for a spacious home by the Atlantic Ocean.
Italian Riviera: Size of property – 2,930 sq. ft
Liguria, famously known as the Italian Riviera, mesmerizes with its enchanting landscapes and scenic beauty. Owning a property almost six times the size of an NYC condo in this stunning region offers a glimpse into a life of luxury and relaxation.
Provence, France: Size of property – 2,100 sq. ft
The Provence region in southeastern France, with its Mediterranean coastline and famous cities like Marseille and Cannes, exudes elegance and charm. The allure of acquiring a property four times larger than a 500-square-foot apartment in NYC showcases the real estate trade-off between Manhattan and Provence.
Madrid, the vibrant capital city of Spain, pulsates with artistic flair, stunning architecture, and a dynamic lifestyle. With more than 10 million visitors in 2023, Madrid beckons expats and homeowners alike to swap their NYC apartment for a property over 2,000 square feet in size.
The comparison between purchasing property in Manhattan, NY, and various Mediterranean destinations highlights the vast differences in real estate opportunities. From sprawling homes in Sicily, Italy, to charming retreats in Provence, France, the allure of owning property in these exotic locales is a tantalizing prospect for those looking to escape the confines of city living. The world is full of possibilities, and with the right investment, the dream of owning a piece of paradise can become a reality.