A new report from Property Guides has shared which countries are the cheapest to live in for 2024.
This is based upon Cost of Living Overseas Index, which looks at living costs across 13 countries and compares UK prices with those in Spain, France, Italy, Portugal, Cyprus, Greece, Ireland, Germany, USA, Canada, Australia and New Zealand.
The report looks at everyday expenses including staples like a litre of milk and a loaf of bread.
READ MORE: Foreign Office Travel Advice: Full list of ‘red list’ countries you should avoid
Let’s not forget things such as car rental prices, petrol costs and decorating materials when moving abroad.
When it comes to energy prices in Cyprus, the USA and Canada it costs more to run electricity.
However, when it comes to food shopping it is marginally cheaper in Spain.
So much so that the same basket of supermarket essentials costs 53% more in the UK than in Spain.
Here are the rankings from the least expensive to the most expensive country when it comes to the cost of living:
Spain
Italy
Portugal
Greece
Germany
Ireland
Canada
Cyprus
USA
France
UK
Meanwhile, two countries in the report came out more expensive than the UK.
They were: Australia (£2,162 – £166 more than the UK) and New Zealand (£2,307 – £310 more than the UK)
Christopher Nye, chief editor at Property Guides, comments: “It seems harder and harder to make ends meet in the UK, and so more and more Britons are considering moving abroad for a more affordable, warmer and more exciting lifestyle.
“But if you’re moving abroad to save money, be careful. Because not everywhere is cheaper than the UK. To help people see whether they could realistically be enjoying a better standard of living abroad, The Cost of Living Overseas Index 2024 has the answers for 12 of the most popular countries for British people (and other nationals) to move to.
“But living abroad isn’t just about the price of potatoes. That’s why The Cost of Living Overseas Index covers a range of typical household expenses, from grocery essentials to health products, furniture to subscription services, travel and leisure. We’ve broken down the costs of actually living abroad – not just travelling for a holiday”.
