Living Abroad in 2024: Where to Find the Best Value for Your Money

A recent study conducted by Property Guides has revealed that British citizens have the potential to save up to £700 on everyday commodities by living abroad. The study compared living expenses in 13 countries, and Spain emerged as the most cost-effective location in comparison to the UK.

The “basket of goods” that typically costs £1,996 in the UK was found to only amount to £1,295 in Spain, equating to a significant saving of £701. This basket included basic items such as milk, bread, teabags, and even a gin and tonic, in addition to household setup costs and supplementary expenses such as car rentals and energy prices.

While Spain ranked the lowest in terms of living costs, Italy, Portugal, Greece, and Germany also featured on the list of the most affordable places to reside. Conversely, countries like Australia and New Zealand were found to be more expensive than the UK, with expenses amounting to a £310 increase.

The study also highlighted specific items, revealing that basic grocery items like bread, butter, and chocolate were priced notably lower in Spain in comparison to the UK. Additionally, fuel prices were found to be much more budget-friendly in the USA, with the cost of filling a 50-litre tank coming to £37.88, as opposed to approximately £77 in the UK.

Christopher Nye, the chief editor at Property Guides, advised caution to individuals contemplating a move abroad solely for financial reasons. He stressed the significance of considering various aspects of daily life, rather than focusing solely on the cost of goods, urging individuals to factor in potential savings alongside other expenses such as subscription services, health-related products, and recreational activities.

In conclusion, the study offers valuable insights for anyone contemplating a move abroad, providing a comprehensive breakdown of living expenses in popular destinations for British expatriates and other international citizens. With the information provided in the Cost of Living Overseas Index, readers can make well-informed decisions about their future living arrangements.