Louise Bolger | sun

Villefranche Sur Mer, France, where apartments with sea
views are available.

Shortly before I left for an extensive trip to Europe in October, I came across the following comment, “If I were really really ridiculously wealthy, I wouldn’t buy a mansion, just tiny apartments in every city I love.” Unfortunately I don’t remember who wrote it but I can tell you that it will stay with me forever since I totally agree with the concept.

I started out in New York City, which, of course, has ridiculous prices for what most of us would consider tiny apartments. A million will get you about 700 square feet in Manhattan with Brooklyn now demanding the same numbers. Although most European capitals still command prices similar to New York City, there are some regions in Europe that have become more affordable for those buyers looking overseas.

More and more Americans are considering purchasing a home out of the country, encouraged by a strong dollar against the Euro. The U.S. dollar gained about 23 percent over the past year, directly influencing the number of U.S. buyers searching for homes abroad. This number has risen about 30 percent over the past year, according to data from over 500 real estate brokerage firms across the world.

In addition to the weakening Euro, there are areas where prices have fallen. Spain’s economy is weak with high unemployment and falling real estate values. In some coastal regions, you can purchase houses with a sea view for about $600,000, 40 percent less than they were five to seven years ago. The Adriatic Sea coast of Italy also has some great prices for Americans starting below $200,000.

Prices in Rome are, of course, extraordinary with villas and apartments in the city center having multi- million dollar price tags. London, which for a long time was demanding even more than New York City for its high end properties, has taken a significant down turn. Sales of prime London properties fell 21 percent in the first 10 months of this year with some London market watchers warning that the market is overheated.

But for many Americans looking to invest out of the country, it’s the smaller towns that have the real appeal. One of my favorite stops in Europe was a lovely seaside town on the French Rivera about midway between Monte Carlo and Nice called Villefranche Sur Mer. The beautiful town rose up from the Mediterranean with rustic buildings and picturesque narrow streets.

According to one of the real estate offices where I stopped, you could purchase good size apartments with sea views in Villefranche Sur Mer starting in the mid $500,000 range and larger homes below $2,000,000. Also Olbia on the Italian Island of Sardinia had great apartments and homes for sale all with stunning sea views starting under $200,000. In both of these towns buyers are getting a lot more for their money than in our own Anna Maria.

Of course buying property in another country comes with a full set of caveats. If you require a mortgage, you may be required to make a larger down payment and to pay the loan back within a shorter time frame. Also IRS regulations are more complicated regarding deduction of mortgage interest, in addition to the ability to oversee and maintain property so far from home.

I always say that if you want something enough you can always find a way, and for Americans who want to buy overseas property, it might have gotten just a little easier. As my anonymous friend said, tiny apartments in multiple places works for me.