PORTUGAL: WORLDS #1 RETIREMENT HAVEN
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The Eastern Algarve is the region between Faro and the river Guadiana, which separates Portugal from Spain.
Most importantly, this area of Portugal is very safe, with little crime and a laid-back lifestyle for expatriates.
You might be surprised to find out that you can live well in Portugal for less than you’re currently budgeting.
The cost of living in Portugal is among the lowest in Western Europe, on average 30% lower than in any other country of the region. A retired couple could live here comfortably but modestly on a budget of as little as 1,100 euros or 1,200 euros per month.
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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| Expense | Monthly Costs | Notes |
|---|---|---|
| Mortgage | 3% to 4% | It’s difficult to get a mortgage unless you deposit comparable funds in a Portuguese bank account. |
| HOA Fees | €34 | This can range from €0 to €100 depending on the unit size and value as well as property amenities. |
| Property Taxes | €37.5 | About €450 annually. If over 1.2 million euros, the cost is 3%. If you purchase a small unit, the value of that unit may qualify for a special program that waives property taxes for the first three years of ownership. Ask your real estate lawyer if you qualify. |
| Transportation | €70 | New cars range from €14,000 and up. Extensive coverage car insurance ranges from €350 per year and up. |
| Gas | €10 to €12 | Using a water heater. |
| Electricity | €100 | With heating and air conditioning in each room, plus costs for appliance-use and cooking. These figures are based on a 125-square-meter, ground-floor, condo apartment built in 2007 with a B+ energy rating. Heating and air conditioning costs will be affected by your energy rating. |
| Water | €50 | Including water, sewage, garbage collection, and community landscaping provided by Tavira Verde. |
| Cell Phone | – | Included in internet bill. |
| Internet | €85 | MEO brand bundle includes service for two cell phones, plus basic HG cable TV with music channels, Portuguese, English, French, and German programming, and high-speed, fibre-optic Wi-Fi. |
| Cable TV | – | Included in internet fee. |
| Household Help | €40 | For bi-monthly, four-hour visits. The standard rate is €7 per hour. |
| Entertainment | €434 | Eating out twice a week at a mid-range, local restaurant: €60 to €70. Local drinks twice a week at a nearby watering hole: €20 (€8 to €10 for a bottle of wine; €3 for a beer). Movie theater trip twice a month: €36 (€6.50 each for seniors, plus snacks). |
| Groceries | €160 | |
| Gym Membership | €70 | Rolling membership at Hitio Gym or pilates classes twice a week. |
| Medical Appointment | €30 | Cost for private GP and medical specialist visit at Taviclinica. Dental check-up/cleaning at Ecodenta is €60. National Health System charges tax only on visits (€4) and basic tests (upwards from €10). However, no dental or specialist services are available at the local health center. |
| TOTAL | €1,120.50 to €1,122.50 |
| Expense | Monthly Costs | Notes |
|---|---|---|
| Rent | €500 to €600 | One-bedroom, unfurnished apartment in the city center: €500. Two-bedroom, unfurnished apartment in city center: €600. Three-bedroom apartment in a modern urbanization (with a parking garage) in walking distance to downtown: €800 |
| Transportation | €70 | |
| Gas | €10 to €12 | Using a water heater. |
| Electricity | €100 | With heating and air conditioning in each room, plus costs for appliance-use and cooking. These figures are based on a 125-square-meter, ground-floor, condo apartment built in 2007 with a B+ energy rating. Heating and air conditioning costs will be affected by your energy rating. |
| Water | €50 | Including water, sewage, garbage collection, and community landscaping provided by Tavira Verde. |
| Cell Phone | – | Included in internet bill. |
| Internet | €65 | MEO brand bundle includes service for two cell phones, plus basic HG cable TV with music channels, Portuguese, English, French, and German programming, and high-speed, fibre-optic Wi-Fi. |
| Cable TV | – | Included in internet fee. |
| Household Help | €40 | For two-hour visits, every other week. The standard rate is €7 per hour. |
| Entertainment | €434 | Eating out twice a week at a mid-range, local restaurant: €60 to €70. Local drinks twice a week at a nearby watering hole: €20 (€8 to €10 for a bottle of wine; €3 for a beer). Movie theater trip twice a month: €36 (€6.50 each for seniors, plus snacks). |
| Groceries | €160 | |
| Gym Membership | €70 | Rolling membership at Hitio Gym or pilates classes twice a week. |
| Medical Appointment | €30 | Cost for private GP and medical specialist visit at Taviclinica. Dental check-up/cleaning at Ecodenta is €60. National Health System charges tax only on visits (€4) and basic tests (upwards from €10). However, no dental or specialist services are available at the local health center. |
| TOTAL | €1,529 to €1,631 |
| Expense | Monthly Costs | Notes |
|---|---|---|
| Rent | €350 | Cheapest part of town; basic one-bedroom rental. |
| Public Transportation | €60 | |
| Gas | €10 | Only using a water heater. |
| Electricity | €70 | Including electric heating but not air conditioning, clothes dryer, or dishwasher use. |
| Water | €30 | Including washing machine use. |
| Cell Phone | – | |
| Internet | €42 | Most basic internet package bundled with cable TV and cell phone. |
| Cable TV | – | |
| Entertainment | €175 | Including eating out for lunch twice a week (€20) and for dinner twice a week (€40). |
| Groceries | €160 | All local-brand items only, shopping at markets and grocery stores. |
| TOTAL | €897 |
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024
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The eastern Algarve, known as the Sotavento, is peaceful and natural, mostly free from the crowds of mass tourism. In contrast, the western Algarve, referred to as the Barlavento, provides all the amenities that tourists seek, like beachfront hotels, while still keeping its unique charm.
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