Cost of Living Breakdown Generally, Portugal leads in terms of cost of living. With a minimum salary of about €775 per month compared to Spain's roughly €950 per month, Portugal's economy seems to offer a more cost-effective lifestyle.
While Portugal generally holds the edge in terms of affordability, Spain's larger cities like Madrid and Barcelona tend to be pricier due to their status as economic and cultural hubs. Monthly rent for an equivalent flat in Barcelona, for instance, averages around €1,040.
Which country is better to retire Spain or Portugal?
TLDR Portugal is a more welcoming, convenient, and appealing country for early retirement compared to Spain, due to factors such as ease of transition, availability of English information, better healthcare, smoother visa process, better tax incentives, and safety.
Is property cheaper in Spain or Portugal? Property in Portugal is far cheaper than in Spain, and with attractive rental yields in Lisbon and the Algarve, you can understand why Portugal is such a popular choice for investors.
As of 2021, Spain's GDP per capita was $26,125.87, while Portugal's was $20,831.09. Both of these figures are the lowest for western European states in the EU. Even Malta, notably, had a higher GDP per capita in 2021, at $27,891.13.
Portugal has a slower, more reserved vibe, perfect for those seeking a peaceful life, while Spain is known for its dynamic and vibrant culture. Both Portugal and Spain, the two countries rich in cultural heritage, offer unique experiences.
So, is Portugal cheaper than Spain? The answer is yes, generally speaking. While the cost of living can vary depending on location and personal preferences, Portugal tends to be slightly cheaper than Spain for accommodation, food, and transportation.
How long can I stay in Portugal if I own a property?
Buying property in Portugal allows you to acquire a Portugal residence permit, as long as you stay in the country for a minimum of 14 days each two years. That means you can buy a property in Portugal and get residency.
The cheapest places to live in Spain by the sea are Alicante, Malaga, Tenerife, Cádiz and Tarragona. These cities provide an affordable cost of living with access to amazing beaches and attractions.
Expats working in Spain can access their public health system, while most others will need insurance in place. Portugal is ranked as the twelfth-best healthcare system in the world in the same rankings, and while the quality of healthcare is high, the country has a reputation for long wait times in the public system.
What is the cheapest European country to retire in?
While countries such as Portugal and the Netherlands have recently been in the news as some of the most affordable places in Europe, according to Property Guides, a real estate assistance company, the cheapest place to retire is actually Turkey.
Both countries have Mediterranean climates, meaning they are generally temperate, with warm summers and mild winters. In Portugal, the average temperature in Lisbon is 24°C in July and 11°C in January, and in Spain the average temperature in Barcelona is around the same: 24°C in August and 10°C in January.
As for diesel, the national average price is, without taxes, 3.8 cents/l cheaper compared to Spain. A situation that still exists when adding on taxes, which in Portugal weigh 37% and in Spain 38%, “which contributes to the practice of lower PMV in our country”, explains ERSE.
Other neighbours such as France are well above the Spanish salary, with an average of 2,574 euros per month, 750 euros more per month. Meanwhile, Portugal has an average salary 58% lower than the Spanish one, specifically the Portuguese salary is 1.154 euros per month.
What is the best country in Europe to buy property?
France, Italy and Spain are the top choices for people looking to buy a vacation home, according to real estate agents. These European countries are politically stable, with good governance and easy access to mortgages, as well as attractive towns, countryside and coastline.
Where is the cheapest place to buy a house abroad?
When it comes to finding the most affordable yet classy properties, Montenegro and Northern Cyprus are the best to look for. Here is why Montenegro and North Cyprus are the best countries to buy property abroad in the global real estate scene, and why.
Portugal's Non-Habitual Resident (NHR) special tax regime allows qualifying entrepreneurs, professionals, retirees and HNWIs to enjoy reduced tax rates on Portuguese-source income and exemption on most foreign-source income for 10 years.
What are the pitfalls of buying a property in Portugal?
The major difficulty is likely to be agreeing with the vendor to get things sorted out - and working out who should pay for it. Making sure the deeds are correct can be a thankless task. Agents may be little or no help so again, finding a really good and thorough lawyer is key to a successful purchase.
Retirement in Portugal is an attractive prospect for UK citizens, especially after Brexit. With its array of visa options for retirees, Portugal offers a pathway for UK citizens to live in Europe legally. Portugal also offers a cost of living that is generally more affordable than the UK.
If you're by yourself, you can live on €1,000 per month in Spain. This includes room rent, groceries, health insurance, rare use of public transport, eating out a few times a month and shopping moderately.
Food prices are a lot more affordable in Portugal than in the UK, even in the most expensive city of Lisbon. According to Numbeo, Leicester, is one of the most affordable cities in the UK. Even so, grocery prices in Leicester are 7% higher than in Lisbon. Restaurant prices are around 25% higher.
