The country of Portugal, which occupies the western corner of the Iberian Peninsula, is well-known for being a wonderful place to spend a week or two on holiday. However, the simple fact of the matter is that you should not discount this nation as a retirement option as well. Compared with many northern European countries and Australia, it is known to be considerably cheaper to live here: meaning that your all-important retirement income should definitely stretch further in this part of the world. This article aims at introducing you to a number of reasons as to why Portugal makes for a great cheap place to retire.
Average Cost of Your Groceries
So, we have already stated the fact that usually the cost of living in Portugal is going to be less than all northern European countries and Australia, but now we need to apply some hard statistics to the assertion. First and foremost, if we look at the average cost of groceries in Portugal, you will notice that these tend to be much cheaper than in the UK, Australia and other countries. For a start, it is possible to pick-up a litre of milk in local supermarkets for around €0.60: which works out considerably less than in the UK, for example at €1.07; cheese is also significantly cheaper at €3.50 for 500g as opposed to €6.00 on average for the same size in the UK. There does not seem to be such a significant difference on the cost of bread, but again it is slightly cheaper in Portugal.
Rental Prices in Portugal
Obviously, you need to bear in mind that the average rental prices will vary widely across the country and it is always going to be more expensive to rent in the center of a main city and in the Algarve region. Nevertheless, to give you an idea of average rental prices in the centre of a main city, you would be likely to pay around €400.00 for a one-bedroom apartment and €800.00 for a three-bedroom property. Away from the city centres, you would more likely look to pay around €300.00 for a one-bed apartment and €550.00 for a three-bed.
Cheaper Places to Retire in Portugal
As with any other country in the world, there will always be areas that are more expensive than others and Portugal is certainly no exception to this rule. This is all based on supply and demand: reflecting how many people wish to settle in an area. In Portugal the most expensive places to retire will be in the capital, Lisbon, and around the ever-popular tourist resort of the Algarve. Rents, property purchase prices and the average cost of living are all likely to be higher in these parts of Portugal. By far the best and cheapest areas to retire to are to be found in the north of the country and further inland. Two delightful towns to base yourself close to might include Chaves and the second largest city in the country, Oporto. If you really do want to be a stone’s throw away from the sea, however, you might like to consider The Silver Coast which stretches along the west coast of Portugal. It is much less busy here and the prices are therefore more reasonable.
Eating Out in Portugal
There are definitely cheaper parts of the world in which to eat out, but on average, Portugal actually does quite well on this score. For example, the average cost of a decent meal for two and including wine would be around €30.00: in northern Europe you really would be looking to get any change from €50.00. At the lower end of the scale, if you are looking for a simple fast food meal, you would be likely to pay around €5.75 – which is just a tad cheaper than in other countries.
Getting Around in Portugal
The country enjoys a relatively good infrastructure throughout and transport is provided at reasonable prices compared with the rest of Europe. The average cost of a bus ticket (one way) in Portugal, for example, would be around €1.40 – whereas this figure is likely to be around €2.00 or €3.00 in northern European countries. The roads and rail network are also quite reliable in Portugal.
So, hopefully you will see Portugal tends to be a cheaper place to live than many other European countries, and hopefully some of the above examples are proof of that.