Cost of Living in Spain
The cost of living in Spain is highly variable. Expats living in rural Spain will find the lifestyle very inexpensive, but those based in the larger city centres like Barcelona, Madrid and even Seville and Valencia will find costs considerably higher.
Since the conversion to the Euro, the country has had continuous problems with inflation, so be mindful of visualizing a budget when signing a contract – you can estimate that inflation will increase by 10 percent annually, though it is reported as much less.
The average expat salary for an individual should be no less than 1500 in order to live comfortably, and for those supporting a family as the sole money maker – it will need to be at least twice that much taking into consideration the number of dependents.
Organizing accommodation will be the costliest endeavour in urban areas. In Barcelona and Madrid, typical furnished 2-bedroom flats/apartments range from 700 – 1200 per month, and if initially using a rental agency one will have to pay a month rent in fees. Though these costs can often compromise the majority of an expat income, most Spaniards opt for smaller living spaces and live their life in the cafe’s and public spaces that still maintain comparably cheap prices.
Do note that long term rentals are always cheaper than short term.
Electricity is expensive in Spain, especially as most apartments do not have central heating and cooling. The electric company has a monopoly and the service is poor. One should budget for about 40 per month, rising if you use air conditioning and heaters. This is likely as Spain get very hot during summer, and there are some very cold days during winter. The houses are not designed to resist the cold, so a winter in a cold part of Spain can feel colder than a winter up in northern Europe.
For some price comparisons, the average food bill for a family of four is between 350 to 500 p/m, average meal out is 12-30 for a dinner, and one can get away with much less for a bistro lunch. Average transport costs are about 8 per day. Cinema tickets run at about 6, cigarettes at 3.30, a good bottle of wine 5 and 1 for a beer. Many expats eat products from home which are exported to Spain. If one shops for local products, one can halve the price of some items. The various supermarket chains are aimed at different clientele and it can make a big difference where you shop.
If you want to buy property in Spain it’s highly advisable that you use an agent. The law in Spain can be highly complex and it often requires an expert to sort out transfer issues. Prices are extremely variable. If one wants to renovate, one can find lots of old coastal cottages for under 50,000. Town houses can cost as little as 100,000 or as much as three or four times that.
Property prices in the city are much higher than in the country. 200,000 is not an excessive amount for an small apartment in Barcelona, while something fancy will set you back as much as 600,000 to a few million.
Though given, the dire straits of the 2009 and 2010 housing markets, prices are falling fast and furiously and it’s certainly a buyer’s market. Some economists have even predicted that the cost of buying either coastal or city property will the lowest it’s been in 20 years.
Since the conversion to the Euro, the country has had continuous problems with inflation, so be mindful of visualizing a budget when signing a contract – you can estimate that inflation will increase by 10 percent annually, though it is reported as much less.
The average expat salary for an individual should be no less than 1500 in order to live comfortably, and for those supporting a family as the sole money maker – it will need to be at least twice that much taking into consideration the number of dependents.
Organizing accommodation will be the costliest endeavour in urban areas. In Barcelona and Madrid, typical furnished 2-bedroom flats/apartments range from 700 – 1200 per month, and if initially using a rental agency one will have to pay a month rent in fees. Though these costs can often compromise the majority of an expat income, most Spaniards opt for smaller living spaces and live their life in the cafe’s and public spaces that still maintain comparably cheap prices.
Do note that long term rentals are always cheaper than short term.
Electricity is expensive in Spain, especially as most apartments do not have central heating and cooling. The electric company has a monopoly and the service is poor. One should budget for about 40 per month, rising if you use air conditioning and heaters. This is likely as Spain get very hot during summer, and there are some very cold days during winter. The houses are not designed to resist the cold, so a winter in a cold part of Spain can feel colder than a winter up in northern Europe.
For some price comparisons, the average food bill for a family of four is between 350 to 500 p/m, average meal out is 12-30 for a dinner, and one can get away with much less for a bistro lunch. Average transport costs are about 8 per day. Cinema tickets run at about 6, cigarettes at 3.30, a good bottle of wine 5 and 1 for a beer. Many expats eat products from home which are exported to Spain. If one shops for local products, one can halve the price of some items. The various supermarket chains are aimed at different clientele and it can make a big difference where you shop.
If you want to buy property in Spain it’s highly advisable that you use an agent. The law in Spain can be highly complex and it often requires an expert to sort out transfer issues. Prices are extremely variable. If one wants to renovate, one can find lots of old coastal cottages for under 50,000. Town houses can cost as little as 100,000 or as much as three or four times that.
Property prices in the city are much higher than in the country. 200,000 is not an excessive amount for an small apartment in Barcelona, while something fancy will set you back as much as 600,000 to a few million.
Though given, the dire straits of the 2009 and 2010 housing markets, prices are falling fast and furiously and it’s certainly a buyer’s market. Some economists have even predicted that the cost of buying either coastal or city property will the lowest it’s been in 20 years.
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