Spain and Portugal offer lower living costsNew research has found that Spain and Portugal could offer homeowners significantly lower living expenses than other parts of Europe.
There are lots of criteria to consider when buying an overseas property. The cost of the property itself, the ease of travelling from the UK and exchange rates are all important factors to take into account.
And, it’s important that you consider the cost of living in the country where you’re buying. New research has found that Spain and Portugal could offer homeowners significantly lower living expenses than other parts of Europe. Keep reading to learn more.
Spain and Portugal the cheapest place for groceries
The report by Post Office Travel Money compared the cost of a basket of 20 supermarket-bought household items, including alcohol, for a one-week trip for a family of four.
The survey found that the items would cost just £56.67 on the Spanish island of Mallorca, compared with £104.29 in Cyprus. After Majorca, the next lowest cost of living was on the Portuguese Algarve, where the basket of items cost £57.78.
Other Spanish regions fared well in the survey, with the Costa Blanca coming third (£65.31) and the island of Menorca coming fourth (£66.71).
The Daily Mail reports that buying bread for a family of four for a one-week stay cost as little as £3.55 on the Mediterranean island of Gozo but as much as £13.25 in Tuscany in Italy.
Pizza in Italy was twice as expensive as in Portugal, while milk in Mallorca was almost a quarter of the price that you would have to pay in Cyprus.
Post Office Travel Money head Andrew Brown said: “The variations we found in supermarket prices mean that families will be well-advised to check prices...” and suggested that families “should choose their destination carefully.’
“Mallorca and Portugal are great value options but Greece is looking more expensive.”
If you’re planning to buy an overseas property, it’s useful to know what the cost of living are in that destination.
This report shows that it may be up to twice as expensive to live on a day to day basis in some parts of Europe than in others.