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Spain among Europe's cheapest nations: study

Jessica Jones · 21 Jan 2015, 10:29

Published: 21 Jan 2015 10:29 GMT+01:00

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A new cost of living index produced by Numbeo reveals life in Spain is a third cheaper than in the Big Apple.

The index determined the difference in living costs between countries taking into account the prices of groceries, transportation, restaurants and utilities.

According to Numbeo, Spain has a rent index of 21.53 which means renting in the country come in at a fifth of the price of New York and puts Spanish rents roughly on par with those in China and Trinidad and Tobago.

SEE ALSO: The cost of expat food in Spain

Spain's cheap rents have even prompted some Londoners to consider commuting to the UK capital from Spain. 

Spain’s overall Restaurant Price Index is 71.09, making it 30 percent cheaper to eat out in Spain than in New York. It costs around the same amount to eat out in Mozambique and Russia as it does in Spain.

The Consumer Price Index in Spain (65.70) is on par with Zimbabwe (65.89) and Slovenia (65.15).

Obviously there are significant regional differences within Spain. In Madrid, for example, rents are 70 percent cheaper than in New York while local purchasing power is at 76.27.

Compare this to Barcelona, where rents are almost 75 percent cheaper than in New York. While Barcelona does have cheaper rents than Madrid, local purchasing power is very similar, at 76.14.

If you are after a good deal in Spain, it might be best to head to the south of the country: rents in Malaga are 82 percent cheaper than in New York while local purchasing power is actually higher than that of Barcelona, at 76.25, in other words, your euro will stretch much further in the south of Spain. 

Renting a one bedroom apartment in the centre of Malaga will set you back around €440 a month, whereas for the same kind of flat in Madrid, you would be looking at spending around €730. 

Story continues below…

Switzerland tops the list of the most expensive countries. It is 26 percent more expensive than New York and is the most expensive place to buy groceries in the world. The top three is rounded off by two oil-rich nations: Norway, in second place and Venezuela in third.

Down at the bottom of the list, India comes in as the cheapest country in the world with a consumer price index of 26.27, followed by Nepal with 28.85 and Pakistan with 30.71.

An interesting map from MoveHub reveals living costs around the world.

Global Living Costs Map

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Jessica Jones (jessica.jones@thelocal.com)

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