If your retirement years are fast approaching, you’ll probably be thinking carefully right now about all of the options before you. And there’s no doubt about it – at least some of the choices you make are likely to be greatly guided by financial factors.
The good news is that if you are contemplating buying property in Sotogrande with a view to retiring to Spain, the dream may be much more attainable than you realise.
A recent analysis by Which?, for instance, has suggested that in the UK, an after-tax income of £25,000 a year is enough for the typical couple to live comfortably in retirement.
But with statistics also indicating that the cost of living in Spain is significantly lower than in the UK, you might find that relocating to Sotogrande in your twilight years will even leave you with a decent amount of money to spare for a slightly more luxurious lifestyle.
Is Spain seriously that much more affordable for retirees?
There’s plenty of evidence out there of how much cheaper living in Spain can be than the equivalent lifestyle in other countries. The Numbeo website, for instance, indicated as of April 2021 that the overall average cost of living in Spain was 18.42% lower than in the UK.
As for property, if you’re looking to rent, you could find yourself paying a whopping 27.87% less per month in Spain than you would in the UK.
Alternatively, you might prefer to buy property in Sotogrande – and again, there’s much for those thinking of retiring in this part of the Costa del Sol to be encouraged about. One-bedroom apartments in Sotogrande currently start at around the €100,000 mark – that’s about £86,000 – and if it’s two bedrooms you desire, you might see such flats being advertised for as little as approximately €130,000, or £113,000.
But there’s a lot more to think about when doing the sums
Various other factors will inevitably impact on the ultimate affordability of a Sotogrande retirement for you and any loved one interested in moving here with you. While, for example, Spain has low property taxes and comprehensive public healthcare, if you prefer the idea of having private healthcare to skip the queues for some public services, this may set you back a few hundred euros a month.
You’ll also have to assess what kind of general lifestyle you will expect as a resident of Sotogrande, and the financial implications of this. Bear in mind, too, that Spain doesn’t lend itself as well as some other parts of the world to ‘taking a job on the side’ to supplement one’s retirement income. Having said this, depending on your skills and connections, it’s not necessarily impossible to find work here as an expatriate.
Would you like to learn more about the latest deals available for property in Sotogrande? In that case, there’s no need to look further than Property Sotogrande’s constantly updated online listings. We bring together curren t sales and rental opportunities from multiple respected estate agents serving this area of Andalucía, to help keep you informed about the current state of the market.
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