With Brexit looming, many UK residents are considering a move overseas before the deadline hits. The circumstances around what the UK leaving the European Union will mean is still unknown, especially with a deal still not quite agreed by all parties. This has lead to many people wishing to seek out a new life in the sun before October pulls round. However, as the due date becomes ever closer, we want to talk about how much it would cost someone to relocate. Spain has always been a well-liked destination with many of its surrounding islands also becoming increasingly popular with expats. Mallorca is great for many reasons; its glorious weather, beautiful beaches, relaxed way of life and stunning scenery spring to mind. But they aren’t the only reasons that so many people want to make the move. Compared to the UK, the general cost of living in Mallorca is much cheaper. Thanks to this, you’re often able to enjoy a better life and get more value for your money. Let’s take a look at some average living expenses in Mallorca.
Mallorca Living Costs
The cost of living in Mallorca will generally depend on several things: the size and style of your property, how many people live under your roof and the lifestyle choices you make. Let’s look at two different scenarios - can you tell us which one you think will be spending the most money in a month?
1. A couple living in a 1-bedroom apartment in a quiet part of Mallorca. They enjoy eating out on special occasions but love home cooking and using locally sourced produce. Neither person smokes but will have an occasional drink on an evening.
2. A family of four in a 5-bedroom house with a pool. Are often seen eating out with both the parents smoking and drinking. Also go out to enjoy regular family day drips.
We think it’s safe to say that the average living expenses for family two will be much higher than that of family one. And that’s why the cost of living in Mallorca is so varied. It can be hard to predict what your monthly bills and outgoings will be. Here we outline some general living costs and what you can expect from your time in Mallorca.
Mallorca vs UK
On average, you would need less money to maintain the same standard of life in Mallorca when compared to the UK. The majority of Mallorca living costs and expenses are lower than those of London for example.
3-Course Meal for Two - €40.00 (35.69% Lower than the UK)
Regular Cappuccino - €1.91 (56.83% Lower than the UK)
Domestic Beer - €2.50 (117.10% Lower than the UK)
Bottle of Wine - €3.80 (128.52% Lower than the UK)
Basic Utility Bills - €111.83 (64.36% Lower than the UK)
Cinema Ticket - €7.50 (80.92% Lower than the UK)
Petrol - €1.35 per litre (4.19% Lower than the UK)
Living Costs vs Wages
If you’re moving to the island for work and are thinking about the cost of living in Mallorca, it’s got to be said that expenses can seem high compared to how low the incomes seem to be. Again, this depends on your job and how often you work. It’s reported that salaries in Mallorca range anywhere from €439 per month to €14,370 per month. In 2019, salaries are approximately around 2% higher than what they were in 2018 - though the cost of living has also said to have risen recently too.
50% of the population in Mallorca earn approximately €3,278 a month with studies showing that you would need €3,100 to live comfortably and enjoy your life in Mallorca. As long as you’re careful with money and budget for things, the cost of living in Mallorca is more than doable.
Mallorca Property Prices
Mallorca is fast becoming one of the most sought-after destinations within Europe to call home. According to figures that have been recently released, property prices rose by 4% in the space of a year throughout the whole of the Balearics, not just Mallorca. The property market here is becoming richer and richer, so now is a great time to make an investment in Mallorca real estate. For a luxury 2-bedroom apartment, this is what you can expect to pay:
Alcudia - €280,000
Campanet - €325,000
Port De Pollença - €146,000
Cala D'or - €214,000