Cost of living doesn't account for quality of living. Most of Europe live in small flats - a large detached house equals millionaire (heck everyone with property nowadays is a millionaire) level wealth.
But again, depends on the area. An attic in Trento city center, in an historical building, completely renewed very recently? 400k
That gets you a very small flat in Milan, and not even near city center.
Same price gets you a big-ass detached house where I live (30 minutes drive from nearest city)
As for quality of living I don’t have much experience, I’ve been living for a while in Ireland and UK, but only few weeks at a time, so I don’t really have anything to contribute to that discussion tbh