According to Money International, the average cost of living is 28% cheaper in Portugal than it is in the UK, while housing costs are around a third cheaper.
2022 data from Numbeo, meanwhile, shows that Portugal has climbed 14 places as an affordable destination in the Cost-of-Living Index, while the UK has dropped back a place. Portugal is now the 64th most expensive country in the world; the UK is the 27th.
The rising cost of inflation in the UK hit a near-30-year high in January, up to 5.5%, which is expected to hit 8% by April. The eurozone fared only slightly better, hitting a new year-on-year inflation high of 5.1% in January. Portugal, though, reported the second lowest increase of any EU Member State, at just 3.4%.
Soaring energy bills are playing a major role in the current escalation of living costs in the UK. Portugal delivers another win here, reporting the second lowest energy inflation rate in in the EU in January, at 12%.
“Life in Portugal is more affordable than life in the UK and becoming even more so”, says Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK
“We’re seeing increasing interest from Britons looking to start over in Portugal. They are keen to enjoy a lower cost of living and a far greater choice of properties than they can in the UK. The climate, cuisine, culture and a host of other factors are also all playing their part.”
Janet Waddecar, currently resident in the Algarve, would agree.
"After taking our time to look around the Algarve we decided that Olhao was just the type of place that we could live”, she said. “Everything seems to be close by, restaurants, essential shops and services, and the local market is a great place to meet people and find healthy food options with fresh food in abundance.
“We have three supermarkets within a fifteen minutes’ walk and in just fifteen minutes by car we have the airport and downtown Faro. We don’t even need to get in the car to go to Lisbon, as the train station in Olhao links up through Faro.
“We are really enjoying our new home and, compared to the UK, eating out is cheap with a good meal for the two of us and a good wine costing as little €30-€35."
Unlike the dearth of homes coming onto the market in the UK, with their ever-spiralling prices due to the intense supply squeeze, Portugal is awash with available – and affordable – properties. Many of the Brits moving to Portugal focus on the Algarve, due to its beaches and outstanding weather, but the Portuguese Chamber of Commerce in the UK also reports keen interest in homes in cities such as Lisbon, Porto and Funchal, the capital of the island of Madeira, as well as in Portugal’s rolling, verdant countryside.
In response to this growing demand from British residents looking to take advantage of Portugal’s lower cost of living, the Portuguese Chamber of Commerce in the UK has recently announced they are restarting their Moving to Portugal Shows and Seminars which have been suspended until recently due to the pandemic. The next edition will take place in London on 31st March 2022. After that, there will be further London Shows in July 2022 and October 2022.
The Moving to Portugal show on 31st March 2022 will include a series of seminars and a range of exhibitors to help attendees explore their numerous property and lifestyle options. The event will also cover everything Brits need to know about relocating to Portugal; experts will be on hand to discuss visas, banking, investments, tax, legalities, lifestyle and more. The free-to-attend show will take place at London’s Pestana Chelsea Bridge Hotel, SW11 8AE from 11 am to 9 pm.
“Portugal is no longer a destination solely for retirees looking to make their nest egg stretch further”, says Christina.
“It certainly ticks that box, but the country is also attracting a rising number of millennials who are keen to start over. Everything from buying a home to running a business is more affordable in Portugal, while its attractions as a base for digital nomads are also increasingly being appreciated by younger people looking to relocate.”
Full details of the Moving to Portugal event are available at: https://movingtoportugal.org.uk/event/moving-to-portugal-show-seminars-12th-edition-london/
Our confirmed exhibitors for the London Moving to Portugal Shows & Seminars 31st March 2022 are: Open Media|Blevins Franks Portugal |Abacus Financial Services |Blacktower Financial Management | Emigre EU Madeira | Fiduciary Wealth Management | Global Citizen Solutions/Goldcrest Real Estate | Pela Terra | EQTY Capital | Aretha Portugal Vision | EDGE International | UCI Mortgage bank |Currencies 4 You | Fine and Country Algarve | Brookes Property / Quinta Heights | VIC Properties | Ombria Algarve | Palmares Algarve Kronos Homes | Quinta do Lago Algarve | West Cliffs Ocean and Golf Resort Silver Coast | Caiado Guerreiro
About the Portuguese Chamber of Commerce in the UK
The Chamber runs regular online and live Moving to Portugal events in the UK all year round to advise Brits who want to move to Portugal or buy a second home there on how they can sort out their tax, residency, property, investments, insurance and lifestyle issues. Over 6,000 Brits have attended our events so far and the demand is growing exponentially now Brexit is finally done.