Is a Manhattan apartment worth the same as an Italian island?

It’s no secret that New York City real estate is expensive.

The median asking price for a home in Manhattan is about US$1.7 million, according to StreetEasy – and that will not necessarily give you much space or many amenities to speak of.

In the West Village, one of the most coveted neighbourhoods in the city, US$1.7 million will buy you a two-bedroom loft, with no outdoor space or amenities apart from a laundry room and storage.

If you increase your budget to US$2.2 million, you can get a two-bedroom condo at Lincoln Square, which has about 1,273 square feet of living space and comes with building amenities such as a 60-foot swimming pool and sauna, a lounge, fitness centre, and indoor basketball and squash courts.

You can buy an entire 37-acre private island in Italy for the same price as a two-bedroom Manhattan apartment.

An island about 985 feet off the coast of Sicily in southern Italy is on sale for US$2.2 million, The New York Times reported.

Anna Brunellini, a representative from Agenzia Romolini Immobiliare, which holds the listing with Christie’s International Real Estate, told Business Insider that while the official asking price is €2.9 million (US$3.3 million), the owner would accept offers in the region of US$2.2 million.