The Cost of living on the Costa Blanca.
Spain is one of the best places to live. Lower costs mean a happier life in Spain.
The latest ECA International analyses of the cost of consumer goods and services reveal that Spain is a perfect place to live. Not one of our major cities ranks on the “must avoid” locations due to rising costs. The Costa Blanca and expat areas of Spain offer even more value when compared to cities such as Madrid and Barcelona.
The professionals at ECA work out the list based on more than 500 locations worldwide. They consider the cost of groceries, health, socialising etc.
Accommodation data is also factored in. A Spanish community such as Villamartin, La Zenia, Playa Flamenca and Cabo Roig really shine in terms of the cost of housing. You can buy a property here within walking distance of the sea for under 100,000 euros. The ECA also considers rental costs in areas typically inhabited by expatriates. Although there is not a lot of stock for rent in the ex-pat regions around Torrevieja, it can be found with a little work.
You can buy a beer on the beach for 1.50 euro. Accommodation starts at 400 per month for a long-term apartment. Golf averages 40 euros per round. Sports clubs can be as little as 10 euro pm, as they are often subsidised by the town hall in Orihuela Costa.
Hong Kong on the other hand is the world’s most expensive city to live. New York and Geneva took second and third place in the rankings. As one would expect, London, UK also hits the top 5. It is 6 years since Britain decided to leave the EU and inflation is headed to double-digit numbers.
Soaring rental costs were part of the reason London, Dublin, most cities in Scandinavia and New York took such high positions. Rent in London cities is rising by up to 20%.
Inflation in the UK soars.
People in Britain have less money to spend since Brexit according to Tesco. Shoppers are buying fewer items, less healthy food and trading down to cheaper own-brand versions of staples. This incredibly challenging (according to Tesco) market is looking at the worst inflation in 40 years.
Apart from London, other European cities such as Oslo, Geneva, Copenhagen and Bern feature prominently. Here is the list of most expensive cities for ex-pats to live in:
Tel Aviv, Israel
British people’s mental health is suffering.
Nearly a third of people in the UK feel more depressed about the squeeze of the cost of living crisis on their budgets than they did six months ago. (Source SKY NEWS)
Two-thirds of people were much more worried now over issues like paying household energy, petrol, heating and food bills. This is less of a concern in Spain.
Many of those British people surveyed said they were forced to choose between fuel to heat their homes or food for their families. 40% of British individuals polled said they were now opting for cheaper brands.
Gas and electricity costs in the UK have risen by 53.5 per cent and 95.5 per cent, respectively, year-on-year. Half of Britons said that a cost-saving approach prompted them to turn the heating down in their homes. Spain simply does not have this concern.
A third of those polled by Sky News said that the burden of financial problems was making them less eager to go out and socialize. Here in Spain, you don’t need a budget to walk along the Mediterranean or attend one of the many free outdoor festivals.
The poll also showed that the cost of living squeeze was starting to take its toll on Brit’s mental health. One-third of those surveyed revealed they feel more depressed now, and 20% said the economic woes were affecting their sleep. Spain has a much higher life expectancy than the UK.
Regular people with ordinary and high-paying jobs both are reportedly being stressed as they are left with just a few pounds to live on after settling their bills.
20% of Britons from low-income households are up to three times more likely to develop mental health issues than those with financial advantages.
The Consumer Prices Index (CPI), which is used to measure inflation, rose to 9 % in April 2022, up from 7 % in March. This May, the Bank of England increased its key rate from 0.75 per cent to 1 per cent. This is the highest rate for 13 years. They are anticipating inflation of 11 per cent this autumn.
Maybe it is time for Britons to make the move to Spain?
Amid urgent calls to address the cost of living crisis, Boris Johnson’s UK government said they are providing a package of measures designed to ease the impact.
These food items are going up in price the most.
ONS figures show that some staple food products in Britain have seen huge price rises in the past 12 months.
Margarine has seen the biggest spike, with prices rising by one-third in the year to March 2022.
Oil prices (cooking oil) increased in price by 18%, and lamb and goat prices rose by 17%.
Bread has gone in up price by 5.2%, and whole milk is 7.4% more expensive than it was one year ago. You can buy freshly baked bread locally in Spain, with two loaves of hot, healthy bread costing as little as 1 euro!
There is often less money to be earned in Spain as an employee, but more as a self-employed person. One important thing however is that people here have more disposable income.
If you are thinking of making the move to Spain, please talk to us here!