Italy Housing Prices Averages 2150 Euros ($3311) per Square Foot?

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pglombardo_IHB

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If you take a look at this <a href="http://www.globalpropertyguide.com/Europe/Italy/square-meter-prices">link</a>, the average house price per square meter in Italy is 7054 Euros.

There are 3.28 feet in a meter so <em>7054/3.28 = 2150 Euros</em>.





If we take a <a href="http://www.casa.it/annuncio.aspx?ID=8032372&CittaCod=Terrasini&ProvCod=PA&PrezzoMin=0&PrezzoMax=2147483647&MqMin=0&MqMax=2147483647&TipoCasa;=-1&Causale=VE&Giardino;=-1&BoxAuto;=-1&Locali;=-1&TipoImmobile=RES&ZonesCodeList;=&WithImages=1&SortOrder=0&CurrentPage=1&PageSize=30&mode=list">specific house</a> as an example, it is listed for 380,000 Euros and is 170 square meters. If we do the math <em>380,000/170 = 2235 Euros</em> per square meter. If we convert that to feet (<em>2235/3.28 = 681</em>) we get 681 Euros per square foot.



Well below the average but it still seems very expensive.









Note that the house given in the example is in Sicily where local residents generally only make 2000 to 3000 Euros per month.



None of this even takes into account the exchange rate for the US Dollar which is 1.54 currently (1 Euro = 1.54 Dollars)



But overall, could this be correct? Is Italy and Europe for that matter in a bigger bubble than the US?



I'm interested in any thoughts anybody has.



Thanks. I'm a new member by the way.



Regards
 
[quote author="pglombardo" date=1218185803]If you take a look at this <a href="http://www.globalpropertyguide.com/Europe/Italy/square-meter-prices">link</a>, the average house price per square meter in Italy is 7054 Euros.

There are 3.28 feet in a meter so <em>7054/3.28 = 2150 Euros</em>.





If we take a <a href="http://www.casa.it/annuncio.aspx?ID=8032372&CittaCod=Terrasini&ProvCod=PA&PrezzoMin=0&PrezzoMax=2147483647&MqMin=0&MqMax=2147483647&TipoCasa;=-1&Causale=VE&Giardino;=-1&BoxAuto;=-1&Locali;=-1&TipoImmobile=RES&ZonesCodeList;=&WithImages=1&SortOrder=0&CurrentPage=1&PageSize=30&mode=list">specific house</a> as an example, it is listed for 380,000 Euros and is 170 square meters. If we do the math <em>380,000/170 = 2235 Euros</em> per square meter. If we convert that to feet (<em>2235/3.28 = 681</em>) we get 681 Euros per square foot.



Well below the average but it still seems very expensive.



Note that the house given in the example is in Sicily where local residents generally only make 2000 to 3000 Euros per month.



None of this even takes into account the exchange rate for the US Dollar which is 1.54 currently (1 Euro = 1.54 Dollars)



But overall, could this be correct? Is Italy and Europe for that matter in a bigger bubble than the US?



I'm interested in any thoughts anybody has.



Thanks. I'm a new member by the way.



Regards</blockquote>


Welcome. I think your math is wrong... A square meter would be 3.28' X 3.28' or 10.76 sf unless I am mistaken. A home that is 170 sm would be 1829sf. That works out to 207.78 euros per sf. $316 per sf, cheaper than Irvine for sure, but still seems very expensive given what the income dynamics must be...
 
[quote author="pglombardo" date=1218185803]If you take a look at this <a href="http://www.globalpropertyguide.com/Europe/Italy/square-meter-prices">link</a>, the average house price per square meter in Italy is 7054 Euros.

There are 3.28 feet in a meter so <em>7054/3.28 = 2150 Euros</em>.





If we take a <a href="http://www.casa.it/annuncio.aspx?ID=8032372&CittaCod=Terrasini&ProvCod=PA&PrezzoMin=0&PrezzoMax=2147483647&MqMin=0&MqMax=2147483647&TipoCasa;=-1&Causale=VE&Giardino;=-1&BoxAuto;=-1&Locali;=-1&TipoImmobile=RES&ZonesCodeList;=&WithImages=1&SortOrder=0&CurrentPage=1&PageSize=30&mode=list">specific house</a> as an example, it is listed for 380,000 Euros and is 170 square meters. If we do the math <em>380,000/170 = 2235 Euros</em> per square meter. If we convert that to feet (<em>2235/3.28 = 681</em>) we get 681 Euros per square foot.



Well below the average but it still seems very expensive.









Note that the house given in the example is in Sicily where local residents generally only make 2000 to 3000 Euros per month.



None of this even takes into account the exchange rate for the US Dollar which is 1.54 currently (1 Euro = 1.54 Dollars)



But overall, could this be correct? Is Italy and Europe for that matter in a bigger bubble than the US?



I'm interested in any thoughts anybody has.



Thanks. I'm a new member by the way.



Regards</blockquote>


I was told there'd be no math involved in my job, but I'll try anyway...



The numerator (price) = (380KEuros)*(1.54$/Euro) = $585,200

The denominator (area) = (170meters<strong>squared</strong>)*(3.28ft/meter)*(3.28ft/meter) = 1828.928sqft



<strong>Yields $319.96/sqft. </strong>



Sicily is not number one in IT, though, so why would anyone ever want to live there?



<em>Alt ending: "Never mess with a Sicilian when death is on the line. Ahahaha. Ahahaha. Aha. </em>
 
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