The study, Cost of Living Overseas Index, was released in January by Property Guides, an online publisher that undertakes to serve as a “free and impartial resource” for those who are interested in moving overseas and buying property abroad.  The 13 countries surveyed for the Index are: the UK, Italy, Spain, Portugal, Greece, Cyprus, Germany, Ireland, Canada, the USA, Australia and New Zealand. The United Kingdom served as the main reference point for comparisons.

“Those drawn to life in Spain will be pleased to know that out of all 13 of these countries, Spain boasts the most affordable cost of living,” concludes Property Guides.

To arrive at this conclusion, the team of Property Guides researchers tried to present a practical summary of “everyday living expenses” in each country, rather than what a hotel-bound tourist may encounter on a short visit.

“We aim to provide a realistic perspective on the day-to-day outlays an expat, holiday homeowner or retiree may encounter when settling into a new home abroad,” researchers say. They point out that their “basket of goods” includes everyday staples like a liter of milk and a loaf of bread.” In addition, they also compared the cost of renovating or furnishing your new home, including decorating materials such as paint and the cost of IKEA bookcases, as well as the cost of a cleaner to keep your home tidy.
 
Since many prospective property buyers are looking for a more laid-back and relaxed lifestyle, the team also checked the prices of popular leisure items and activities – from Netflix subscription costs to the price of movie tickets. (Please check here for information on the pricing of high-speed internet service in Spain). Noting that certain commonly used items happen to be very expensive in some countries – “such as paracetamol in Canada or laundry powder in Greece” – they factored those into their calculations as well.