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As the UK’s retirement crisis grows, so does the dream of retiring in Europe, where life can be simpler, cheaper, and sunnier. If you’re considering moving abroad, you’re certainly not alone. Brits have long been lured by the continent’s weather, beauty, and high quality of life…but deciding where to move isn’t always easy.
Usually, finances play a big role in decision-making, and while many countries are cheaper than the UK overall, the cost of living can vary considerably between these places. To explore this, we’ve partnered with Your Overseas Home, friendly and caring experts who have already supported over 10,000 families on their move to the continent, saving them money and helping them through each step.
Your Overseas Home’s Cost of Living Overseas Index examines prices across different European countries to find the true cost of living abroad, rather than going on holiday. So, where can you get the most bang for your buck? And what type of properties can you hope to buy in each country?
Here are Europe’s most affordable places to retire.
1. Spain
Picture yourself with your favourite book, eating freshly picked oranges on a terrace that catches 3,000 hours of sunshine every year. If that sounds tempting, Spain may be the spot for you. Thanks to its beautiful beaches, delicious food, welcoming culture, and wonderfully relaxed lifestyle, it’s already Britain’s favourite retirement escape, and, happily, its everyday costs are kinder, too.
Travel is also cheaper, from petrol to trains – and you’ll be pleased to learn that the Spanish rail system is often more reliable than ours. Home costs and healthcare are also less expensive than in the UK. Plus, leisure prices, like dining out or having drinks, were some of the most affordable of all countries ranked, making it easy for you to live life to the fullest and embrace the local culture.
Your Overseas Home has a wide range of properties available – and, with prices starting from €50,000, there’s something for every budget; choose from apartments, cottages, villas, or farmhouses. The Costa Blanca and the Costa del Sol are the most popular destinations for retirees, although if you like the idea of island life, there are ten gorgeous islands to consider, too.
Properties range from €149,000-€975,000
2. Italy
From sipping Chianti in a Tuscan village to picking sun-warmed lemons on the Amalfi Coast, Italy is known for its delight in simple pleasures – after all, this country coined the term la dolce vita (the sweet life). Not only is life in Italy cheaper than in the UK, but leisure is particularly affordable, so you can make the most of all the fabulous restaurants, bars, and gelaterias.
Other main draws include the warm climate and gorgeous landscape, and if you’re planning to explore, you’ll be glad to learn Italy was ranked first for affordable travel, with both petrol and trains considerably cheaper than in the UK. The healthcare system is also highly regarded – although certain medications, like painkillers, cost more than in the UK.
As for properties, every corner of the country has beautiful, affordable homes. If you like city life, there are plenty of apartments in historic cities, but many retirees are drawn to Tuscany, where apartments start from €50,000. Sicily and Puglia are top spots if you’re seeking sun, and, if you’d like to be by the water, Lake Como has some surprisingly affordable new builds.
Properties range from €70,000-€560,000
Start your new chapter abroad with this free retirement guide
With Your Overseas Home, you will receive honest guidance, expert advice and a helping hand every step of the way.
Download the free guide to find out how to cut everyday living costs, get tax, pension and visa checklists, and discover top tips from the expat community.
3. Portugal
Sunny, scenic, and safe, Portugal is one of Western Europe’s most affordable countries, ranking third in the Cost of Living Index. Whether it’s listening to mournful fado music in a bar, sipping vino verde in the sun, or feasting on fresh petiscos (Portuguese tapas), living well here is surprisingly cheap. Happily, visiting wine bars, restaurants, and cafés is all possible on a budget.
Home costs and groceries are also significantly more affordable than in the UK, and the public healthcare system is excellent. Petrol, car hire, and trains are cheaper than UK prices, too, so you can enjoy travelling all over this small yet spectacular country. From the laid-back, sun-soaked Algarve to the cosmopolitan hustle and bustle of Lisbon and Porto, exploring Portugal is a joy.
Plots of land and rustic houses start from €50,000, and can be ideal if you’d like a building or renovation project, where you can put your stamp on a property. Thanks to its scenic beaches, quaint villages, and exceptional golf courses, the Algarve is the most popular destination with expats – but if you’re looking for a quiet life in the country, beautiful Braga may appeal. And, for year-round sunshine, there’s Madeira, the ‘Island of Eternal Spring’.
Properties range from €336,000-€975,000
4. Greece
Home to ancient ruins, whitewashed villages, and impossibly blue waters that shimmer under an even bluer sky, Greece has a unique sense of timelessness. Long a beloved holiday spot for Brits, it’s a great place to retire, too. Not only is it sunnier and more laid-back than the UK, but it’s also cheaper, coming fourth in the Cost of Living Overseas Index.
The produce is fresh, local, and delicious, so eating a healthy Mediterranean diet is easy and affordable. Plus, after Italy, Greece has the second cheapest travel, meaning if you’d like to visit the famous islands – or head north to the mountains – you can do so on a budget. While healthcare, including things like medication, tends to be cheaper in the UK, home costs and leisure are considerably more affordable in Greece.
As for the destination, most expats are drawn to the islands; with over 200 inhabited islands to choose from, you’re spoiled for choice. Crete, the largest island, is the most popular, and prices start from just €50,000. Throughout Greece, you can find family villas with three or more bedrooms for around €220,000 – and these often come with gorgeous views of the sea and mountains.
Properties range from €170,000-€1,600,000
5. Cyprus
If Greece sounds tempting but you’d like more warmth and sunshine, why not consider Cyprus? Tucked between Greece and Turkey, this beautiful island is the sunniest spot in Europe, and temperatures rarely fall below 15°C, even in winter. Boasting countless ancient wonders, blissful beaches, and crystal-clear waters, it’s also 15% cheaper than the UK.
Just like Greece, it’s often cheap and easy to eat healthily in Cyprus, and the country is ranked third for affordable food and groceries. Travel can be more expensive, but with miles of dazzling coastline, vibrant beach towns, compelling culture, and ancient history found all across the island, you don’t usually have to go far to stay busy. Cyprus was ranked third overall for healthcare affordability, too.
Properties are reasonably priced, and some of the most popular places to settle include Limassol, Paphos, Larnaca, and Ayia Napa. Modest apartments start from around €79,000, although if you have more money to play with, you can choose from characterful townhouses, spacious bungalows, cosy country houses, and grand coastal villas.
Properties range from €260,000-€990,000
6. France
From savouring the heady scent of lavender in the Provence hills to buying warm, crusty baguettes from the local boulangerie, the French, like Italians, proudly find joy in life’s little pleasures; this is the art de vivre – the art of living. The food and wine are world-renowned, the pace of life is relaxed, and it’s well connected to the rest of Europe, so if you’d like to travel a lot in your retirement, France is an ideal base.
The price difference between France and the UK can often seem pretty negligible, but overall, it’s around 7% cheaper. A food shop is usually significantly more affordable, but travel costs can be almost as high as here. The same applies to healthcare. The sector where you’ll make serious savings is leisure, which means sharing gourmet meals and wine with friends can be surprisingly affordable!
With over 18 regions and 100 departments, France is extremely diverse, so whether you’re looking to move to the Dordogne countryside, the scenic Loire Valley, or the sunny south coast, you’re sure to find your perfect property. Small apartments start from €55,000, and you can get three-bed homes from €90,000. If you have a bigger budget, why not think about the French Riviera?
Properties range from €170,000-€646,000
Final thoughts…
Retiring abroad has many benefits, and freeing up more cash and taking advantage of the lower cost of living are just two of them. Enjoying better weather, embracing an outdoor lifestyle, and exploring new opportunities are wonderful ways to mark a new chapter in your life.
Whether you’re dreaming of retiring in an Italian village, a Spanish beach town, or a Portuguese city, moving overseas is often far more affordable than you might think. And, with Your Overseas Home to guide, it’s almost always easier, too. Experts in helping retirees relocate safely abroad, they can support you through each stage of your relocation, making overseas retirement safe, informed, and stress-free.
Download the Expat Guide here, or head over to the Your Overseas Home website for more tips and guidance, and to search for properties.