Londoners are setting their sights on living in Lisbon, according to data collected by Moving to Portugal Shows and Seminars.
Moving to Portugal Shows and Seminars provide information on relocating to and living in Portugal. They educate attendees on visas and routes to residency, investment options, employment, schools, and healthcare, among other things.
The latest show in London, held last October, revealed that Lisbon was the most popular destination amongst attendees. More than half (56%) of attendees would like to live in Portugal’s capital, whilst 54% were interested in living in Portugal’s sunny Algarve region. Porto and Northern Portugal also saw interest from 28% of people.
One thing to note is that attendees boasted big budgets. Almost one-third of people were willing to spend more than €500,000 on moving to Portugal. Full-time residency in another country can be costly, factoring in new accommodation and furnishings on top of visa application costs and travel expenses. It is unsurprising, then, that many of those thinking about making the move have a stash of cash behind them.
That said, Londoners can get a lot more for their money living in Lisbon—and they’ll spend much less once they get there, too. According to Numbeo, the average price per square metre for an apartment in Lisbon is £5,114.19 (€5,794.22), compared to a whopping £12,025.21 (€13,624.20) in London. That’s a difference of 57.5%.
The cost of renting an apartment in the two capitals also varies by about 50% (in Lisbon’s favour).
Consumer prices in Lisbon are 31.1% lower than in London. Grabbing a bite to eat at a Lisbon restaurant will cost you around 30% less than in London, whilst grocery prices are 23% cheaper on average.
If Londoners are willing to forsake life in the capital, Portugal’s Algarve region offers even cheaper living costs. Grocery prices are 35% lower, whilst utility bills are an astonishing 69.1% cheaper than in the UK capital.
London locals do get paid more than residents in Lisbon and the Algarve, which largely counteracts the gap in consumer prices. However, London homeowners with equity under their belts can make their money stretch much further in Portugal—buying larger and more central properties, if they wish.
Furthermore, the country’s newly established Digital Nomad visa enables British expats to hang onto their high wages, whilst living for less in Portugal. With this, working remotely in Portugal is becoming an increasingly attractive venture—particularly for young professionals with a desire to travel and the flexibility to move overseas.
Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK, said:
There seems to be a correlation with age, with younger movers seeking out city life, perhaps due to the more extensive work options that Lisbon presents—as well as its vibrant and welcoming social scene, and the quality of life that the city offers for young families.
Portugal is becoming an increasingly attractive place to live and work, with Lisbon and the Algarve leading the way. In light of soaring living costs in the UK capital, it is no wonder Londoners are opting for high-quality yet affordable living in one of Europe’s most attractive destinations.
The next Moving to Portugal event will be held on the 23rd of March 2023, and it will be interesting to see if Londoners remain steadfast in their love of Lisbon and the Portuguese Algarve.
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