Manhattan, New York is infamous for being expensive. The city consistently ranks as one of the world’s most costly places to live in.
Purchasing a 500-square-foot condo in New York City can cost you about $750,000, according to research blog, My Dolce Casa, which based its study off Realtor data showing that the median price per square foot in the city was $1,500.
You can effectively trade your small studio apartment in the city for a mansion that sprawls over 7,000 square feet in Sicily, Italy, or opt for other properties in the Mediterranean, about 10 times the studio’s size.
Here’s what you’ll get across 10 popular Mediterranean destinations for the price of a 500-square-foot apartment in New York City, according to an August report by My Dolce Casa:
Sicily, Italy
- Size of property: 7,212 sq. ft
- Famous for its rich history, beautiful beaches and charming hilltop towns, Sicily, Italy is a popular tourist destination, seeing over 6 million visitors a year, according to a July report by Worldmetrics.org.
Loire Valley, France
- Size of property: 4,013 sq. ft
- Known for its beautiful landscape, historic towns and world-class wines, where the average price per square foot is $187, you can trade in your NYC studio apartment for a home that’s eight times bigger in Loire Valley, according to My Dolce Casa.
Norte (Porto), Portugal
- Size of property: 3,289 sq. ft
- Porto, is the second biggest city in the country and is known for its rich history, architecture, and fortified wine. Here you can buy a property over six times the size of a 500-square-foot NYC apartment. Portugal has become a hot spot for retirees, as a safe and sunny, yet affordable destination to settle down in.
Tuscany, Italy
- Size of property: 3,165 sq. ft
- Tuscany, Italy is a popular destination among tourists and saw a more than 44 million overnight stays in tourist accommodation establishments in 2022, according to Statista.
Crete Island, Greece
- Size of property: 3,488 sq. ft
- On the largest Greek island, real estate costs an average of $215 per square foot, according to My Dolce Casa. You can swap your NYC condo to enjoy island-life in a home more than 3,400 sq. ft in size on Crete Island.
Catalonia (Barcelona), Spain
- Size of property: 3,061 sq. ft
- Catalonia, spanning hundreds of miles on the Mediterranean coast, and home to Barcelona, welcomed more than 18 million international tourists in 2023, according to Statista.
Canary Islands, Spain
- Size of property: 2,830
- The Canary Islands, a Spanish archipelago located off the coast of Morocco, is also a popular tourist destination. In 2023, it saw about 14 million international visitors, according to Statista.
Liguria (Italian Riviera), Italy
- Size of property: 2,930 sq. ft
- Liguria, famously known as the Italian Riviera, is home to some of Italy’s most picturesque destinations like Cinque Terre and Portofino. Known for its good food and breathtaking views, here, you can get a property that is almost six times the size of an NYC condo.
Provence-Alpes-Côte d’Azur
- Size of property: 2,100 sq. ft
- The Provence region sits on the coastline of the Mediterranean in southeastern France, and is home to Marsille, a popular port-city that saw over 16 million tourist overnight stays in 2023, according to recent data. The world-famous French Rivera is also located in the Provence region, housing the popular city of Cannes and coastal town of St. Tropez.
Madrid, Spain
- Size of property: 2,131 sq. ft
- Madrid, the capital city of Spain, saw 10.6 million visitors in 2023, according to the Madrid Convention Bureau. The city is known as Spain’s financial center, houses beautiful parks and has a bustling art scene.
Conclusion:
Manhattan, New York, is indeed one of the world’s most expensive cities, but for those willing to trade in their small studio apartment for a larger property, options are available in the Mediterranean. From Sicily’s rich history to Portugal’s sunny retirement haven, there are many destinations to consider. For the price of a 500-square-foot apartment in New York City, you can get a property over 2,000 square feet in Madrid, Spain, or as large as 7,212 square feet in Sicily, Italy.
FAQs:
Q: What is the median price per square foot in Manhattan, NY?
A: The median price per square foot in Manhattan, NY is $1,500.
Q: How big is a studio apartment in New York City?
A: The size of a studio apartment in New York City varies, but typically ranges from 400 to 1,000 square feet.
Q: What are some popular destinations for retirees?
A: Some popular destinations for retirees include Portugal, the Canary Islands, and Crete Island, Greece, due to their sunny climates and lower costs of living.
