Legendary investor Warren Buffett calls it a moat—a durable competitive advantage that protects your asset from erosion and rivals.
Centuries ago, many European towns built actual moats, ringed with walls of stone, turrets, and gates that locked at night. Those defenses preserved life, wealth, and community in times of chaos.
Moats go hand in hand with fortifications, and Buffett isn’t the only savvy investor to zero in on this idea.
Just ask Ken Griffin…
His hedge fund is called Citadel, and the company’s name wasn’t a random choice. When Griffin founded the firm in 1990, he chose the name because it evokes the image of a fortress or stronghold—a place that’s well-defended and resilient, even in turbulent times.
Today, there are historic towns in Europe where the old town walls still stand. Centuries later, you can still see them, touch them, walk them.
And behind the walls, something rare survives…
Cobblestone streets wind past arched gateways and medieval clocktowers. Vine-covered balconies overlook quiet squares where time seems to stall. And while tourists pass through in awe, a few savvy buyers see more than charm. These places, protected by beauty, history, and scarcity, may just be the ultimate real estate moats.
Places where it’s hard if not impossible to build new properties. Places that are unique and irreplaceable.
Places where you can live.
Today we’re sneaking across the drawbridge to look at real estate in European walled towns…
Carcassonne, France
“It’s the kind of place a traveler never forgets,” says my scout Eoin Bassett.
“I first walked into Carcassonne on a late summer evening, just as the golden light caught the stone towers of the medieval citadel. The drawbridge creaked underfoot, and the scent of woodsmoke and roasting garlic drifted from inside the ramparts. It felt like stepping onto a movie set—but it was all real.”
Carcassonne’s Cité is one of the best-preserved medieval walled cities in the world. A UNESCO World Heritage Site, its double ramparts and 52 towers rise above the surrounding countryside like something out of a fairytale.
Development within the Cité itself is heavily restricted to protect its authenticity. But just outside its walls, carefully restored historic homes—like this one—come up for sale.
On the market now: a four-bedroom townhouse dating back to 1692, just a five-minute stroll from the citadel gates. Also five minutes from the Auriac golf course, and only 10 from Carcassonne airport, it’s a rare mix of charm and convenience.
Inside, you’ll find approx. 1,475 square feet of living space with three bedrooms, a spacious lounge featuring a French ceiling and grand open fireplace, and a modern kitchen. A detached outbuilding adds a fourth bedroom—ideal for a guesthouse. The garage opens into a vaulted stone cellar.
Outside, the garden includes a jacuzzi and sweeping views of the medieval ramparts. Imagine unwinding here as the sun sets over the turrets.
Asking price: €790,000 ($857,000). See the full listing here.
Also in Carcassonne, but at a more affordable price point, is this third-floor apartment in a stunning stone building.
Spanning 936 square feet, this elegant two-bed apartment has high ceilings as well as period parquet flooring, moldings and marble fireplaces.
The apartment on the market for €179,000 ($194,400). See the full listing here.
Termoli, Italy
The picturesque town of Termoli, in the Molise region of southern Italy, is a walled town known for its charming medieval borgo antico (old town) surrounded by thick stone walls.
The historic center is perched on a promontory overlooking the sea and is characterized by narrow winding streets, colorful houses, and a dramatic setting above the water.
One of Termoli’s key features is the Castello Svevo, a 13th-century fortress built under Frederick II, which anchors the fortified town.
The walls that remain today are part of the town’s original defenses, built to protect against Saracen pirate attacks. Within the walls, you’ll also find the Cathedral of San Basso, a Romanesque gem dating back to the 12th century.
The old town is built on a rocky promontory jutting into the Adriatic Sea, with steep drops on several sides—essentially creating a natural “moat” with the sea acting as a barrier
A member of my team, Ciaran Madden, scouted Termoli last year and was blown away. “My first reaction on reaching the town was a feeling of astonishment that somewhere so stunning could fly under the radar,” Ciaran says.
“After arriving, I made a beeline for Castello Svevo, climbing up to the tower’s mid-level battlements, which were technically off-limits (though in my defense, there were no signs explaining that),” Ciaran says. “From there, I could take in all of Termoli—the stone walls stretching out into the sea…the immaculately maintained pastel-colored homes of the old town…and the miles-long sweep of pristine Adriatic beach that fronts the town’s hotels and resorts. It’s among the most striking views I’ve ever seen.”
This charming two-bed, three-bath apartment is in the heart of the old town. It’s on the first floor of the building and features an entrance hallway, a living room with an open kitchen, a terrace, two bedrooms—each with its own balcony—and a bathroom. This apartment is available for €230,000 ($250,000). See the full listing here.
Pamplona, Spain
“I have such fond memories of scouting real estate in Pamplona,” says my scout Eoin.
“I’d wander for hours, not because I had to, but because the city pulled me in. I’d linger in the leafy parks, notebook in hand, watching locals stroll by with their dogs or sit beneath the chestnut trees chatting over coffee. I’d trace the path of the old city walls, climbing to quiet corners where the views stretched out over the rooftops to the surrounding hills. It was the kind of place that felt both alive and deeply rooted—where history wasn’t locked behind glass, but woven into everyday life.
“Afternoons often ended with a slice of cake from a little bakery hidden off a side street, or a glass of cider—or two—in a dimly lit bar filled with laughter and the smell of grilled peppers. There was always time for another glass of Navarra red, and always someone happy to pour it. Pamplona might be best known for its running bulls, but to me, it’s always been about walking slowly, breathing deep, and seeing the kind of real estate you want to live in, not just invest in.”
Pamplona’s medieval city walls—among the best-preserved in Spain—once encircled the old town completely. Today, large portions remain intact, offering scenic walking routes and panoramic views. The Citadel of Pamplona, a 16th-century star-shaped fortress, is a standout feature of the city’s military architecture, originally built to defend against French invasions.
The old town (Casco Antiguo) within the walls is full of narrow cobbled streets, Gothic churches, and charming plazas.
My team found this two-bed apartment for sale on Estafeta Street in the heart of Pamplona’s old town. This street is famous for its role in the San Fermín festivities, but it also thrives year-round with traditional restaurants and local shops
Spanning 592 square feet, it has two balconies which overlook the street, ideal for enjoying the running of the bulls at the Festival of San Fermín.
This property is on the market for sale for €299,900 ($325,500). Read all the details here.
Evora, Portugal
Évora in Portugal’s Alentejo region feels like a place where time lingers. Walk its cobbled lanes and you’ll pass Roman ruins, medieval arches, and whitewashed houses trimmed in yellow—all wrapped inside ancient city walls that have stood for centuries. There’s a quiet magic here: the golden afternoon light on the worn stone, the scent of eucalyptus and orange blossoms in the air, the sound of church bells echoing across tiled rooftops. It’s a city of scholars and artisans, wine and olive oil, where life moves at a slower, more deliberate pace. Évora isn’t just historically rich—it’s soulfully rich, offering a sense of permanence and presence that’s hard to find anywhere else.
My team has scouted the Alentejo region before. You can read the scouting report here.
As I said at the time, this region has so much going for it. A remarkably low cost of living. Low real estate prices. Close proximity to a world class international capital city. Productive agriculture. Clean fresh air and security…
We found this apartment for sale in the historic center of Evora. It’s located near the local university, which suggests good rental potential. Spanning 570 square feet, the apartment has a private terrace of 194 square feet, and is situated within a detached house.
Europe’s walled towns have always held a special kind of magic—fortified not just by stone, but by history, beauty, and a sense of timelessness that’s hard to replicate.
Whether it’s the storybook charm of Carcassonne, the seaside drama of Termoli, the leafy serenity of Pamplona, or the golden stillness of Évora, these places offer more than just postcard views—they offer real, livable opportunities wrapped in heritage and heart.
But these are just a few of our favorites—and now, I’d love to hear about yours.
What walled town or fortified village has captured your imagination?
Maybe it’s one you’ve visited on your travels… maybe it’s one you dream of someday calling home. Drop me a line hereand tell me about it. We’re always on the lookout for the next hidden gem—and your story might just lead us there.
Wishing you good real estate investing,
P.S. If you’re interested in any of these listings you should hire an attorney and do your own due diligence. We haven’t done any due diligence on them.
