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It is official Spain is the cheapest country to live in 2024, according to an index that compares a wide range of living costs including food, petrol and energy bills across the most popular 13 countries to migrate to comparing UK prices with those in Spain, France, Italy, Portugal, Cyprus, Greece, Ireland, Germany, USA, Canada, Australia and New Zealand.
The Cost of Living Overseas Index, compiled by website Property Guides for those considering emigrating to the European countries closest to the UK, the results bode well, with Spain being revealed as the most affordable country to live in. The analysis reflects what an expat, holiday home owner or retiree would encounter when settling into a new home abroad.
Everyday living expenses
Unlike other reports primarily centred on travel or holiday expenditures, this report delves deeper into everyday living expenses to provide a realistic perspective on the day-to-day outlays an expat holiday home owner or retiree may encounter when settling into a new home abroad
The report’s ‘basket of goods’ includes everyday staples like a litre of milk and a loaf of bread, but adds a few British favourites like the all-important teabags (and a bottle of gin).
They’ve also compared the cost of actually setting up your new home, including decorating materials such as paint and the cost of IKEA bookcases, as well as the cost of a cleaner to keep your home clean and tidy. The report also checked the prices of popular leisure items and activities: from Netflix subscription costs to the price of cinema tickets.
Price of electricity
They also decided to look at the price of electricity across Europe particularly with the energy crisis that has raised costs everywhere. Whilst it’s certainly not cheap in the UK, electricity is still more expensive in Cyprus, the USA and Canada, whilst it’s significantly cheaper in Spain and Italy.
The result is, the same ‘basket of goods’ that cost €2,335 in the UK, cost just €1,515 in Spain – a huge saving of €820. It probably comes as no surprise that the UK is almost 53% more expensive.
Our analysis of this report while being informative for living expenses for day to day living the main focus for people wanting to buy property here is the initial expense of purchasing property which is in most places way cheaper than a similar property in the UK or Germany, France, Belgium, Holland, Denmark, Sweden, Norway where the majority of Spanish buyers are coming from.