Best European cities to retire to on under £1,500 a month | Personal Finance | Finance

These are the six best European cities that Britons looking for a comfortable retirement abroad can live out their later years in for under £1,500 a month.

GOBankingRates sourced data from WorldPopulationReview, Numbeo and the 2023 Global Peace Index to rank the top 500 cities in terms of population.

To determine which are the best places where people could retire on a budget, the data took into consideration a combination of their overall cost of living, level of safety and security, quality of life and monthly rent, with quality of life receiving the highest weighting.

Around a third of people approaching retirement had already moved or were considering moving as part of their plans, data showed.

Important factors for retirees looking to move included healthcare access, green space, proximity to local leisure activities and low crime levels.

Valencia, Spain

Monthly Cost for One Person With Rent: $1,513 (around £1,229)

Valencia is one of the most well-known cities in the top 10, and with good reason.

The city offers everything from medieval cathedrals to fantastic paella to great museums and beaches, all in a walkable environment that is much less expensive than big-brother Barcelona. The city’s quality-of-life index is the highest of any city in the top 10, at 194.

Porto, Portugal

Portugal in general is getting a lot of press lately as a mecca for American retirees, and Porto, famous for its port wine and its UNESCO World Heritage city center, is often listed as the highlight. Rents are a tad high compared to other cities in the top 10, with a one-bedroom averaging $862.62 (around £700) per month, but its quality-of-life index is also among the best, at 178.25.

Klaipeda, Lithuania

Compared to some other countries in the survey, Lithuania doesn’t receive a lot of attention, but Klaipeda is definitely a hidden gem. Boasting forests, rivers, lakes and sand dunes, Klaipeda is also home to two UNESCO World Heritage sites: the Vilnius Old Town and the Curonian Spit.

Ostrava, Czech Republic

While most Americans think of Prague when they hear the words “Czech Republic,” Ostrava is actually a much better option for those retiring on $2,500 per month. Although known by some as an industrial center, Ostrava has gorgeous parks, architecture, museums and, of course, a brewery. Overall, the city has a quality-of-life index of 161.77.

Zaragoza, Spain

Zaragoza is one of the most overlooked cities in Spain, as it has such big-name competitors as Barcelona, Madrid, Seville and others. But it beats out all of its famous brethren in terms of quality of life — with an index of 184 — and affordability. The rent for a one-bedroom apartment averages just $556.81 per month.

Split, Croatia

For all of the publicity that it receives, Split remains surprisingly affordable. This gem of a city right on the beautiful blue Adriatic Sea has one of the best quality of life indexes in the survey, at 172.69, but a sizable three-bedroom apartment still only costs $814.27 per month on average.