Britons who are considering moving abroad in the hope of an easier life are being warned they could be “jumping from the frying pan into the fire”. Looking at seven of the most popular countries to move abroad such as Spain, France, Italy, Germany, Portugal, Cyprus, and Greece, The Overseas Cost of Living Index 2023 has revealed the cost of setting up a proper home abroad and living there long term, rather than just the cost of a short trip.
Overseas property experts from Your Overseas Home have researched and compared the cost of everyday items like bread and milk to furniture, petrol and train tickets to see which European countries offer the most value for money.
Overall, despite there being a few cities and towns that have reputations for being expensive destinations, Italy is the cheapest place to live long term.
When it comes to the cost of supermarket essentials like milk, bread, eggs, fruit, veg and toiletries, grocery shopping in Italy is cheaper than any other country on the list.
To fill a basket with the 17 basic items analysed, shoppers should expect to pay around £48.82 which is just over £20 cheaper than the equivalent in the UK.
And with the cost of heating UK homes hitting the country’s headlines, Your Overseas Home also looked at the price of electricity across the European countries.
Surprisingly, while Britons certainly have not got it cheap in the UK, electricity is more expensive in Italy.
However, it’s significantly cheaper in Greece and France than it is in Britain.
Christopher Nye, chief editor at YourOverseasHome.com, said people should think twice before jumping ship.
He said: “We know that thousands of Britons are considering moving abroad – more so than ever! UK natives are looking to jump ship to avoid high energy costs and never-ending price rises.
“But if you’re moving under the assumption that you’ll be getting more for your money, you could very well be jumping from the frying pan into the fire, as prices have shot up across the eurozone too.
“So, to help people see whether they could realistically be living cheaper abroad, we’ve pulled together The Overseas Cost of Living Index 2023 which has all the answers.
“From grocery essentials, toiletries, furniture and decorating materials, to electricals, train tickets, car hire and leisure activities, we’ve broken down the costs of actually living abroad – not just visiting short term.”
He continued: “There are also a few miscellaneous essentials we included in our tally, like the cost of a pair of jeans and a haircut, to give us a well-rounded picture of how much it really costs to live abroad for a sustained period of time. The numbers speak for themselves!”
Meanwhile, the Annual Global Retirement Index list of the best locations to retire has revealed the top 10 countries to live in, taking into consideration things like healthcare, housing and how far someone’s pension will stretch.
Portugal topped the 2023 list due to its low crime rate, affordable housing and medical facilities.
Coming in second place is Mexico where people can obtain a permanent residency visa with a minimum income or pension of about $4,400 (£3,885) per month.