You can buy mansions in these Mediterranean countries for the price of a studio in New York

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:

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.

Despite its popularity, you'll get a big bang for your buck purchasing real estate on the Italian island. Sambuca di Sicilia, a commune in Sicily, went viral in recent years when it auctioned off homes with starting bids at one euro.

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.

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.