Spain and Italy bring to five the number of major European Union countries warning citizens against investment in Israeli settlements in the West Bank, eastern Jerusalem and the Golan Heights.
Haaretz reported on Thursday that the countries joined France, Germany and Britain in issuing such advisories this year.
France posted its warning earlier this week and in an explanatory note posted on its foreign ministry website on Thursday elaborated that citizens considering such investments should seek legal advice before proceeding.
The ministry said the warning was in line with European Union policy on settlements.
Various European media have reported that the advisories have come in part because of the collapse in April of Israeli-Palestinian peace talks.