The cost of living in the Algarve has long been regarded as being exceptionally reasonably, especially in comparison to other European destinations.  Now a new article published by the Huffington Post has declared the Algarve “one of the cheapest places in the world to live- and live well-today.”

The article by Kathleen Peddicord, gives a detailed breakdown of just how much it costs to live in the Algarve, taking into account elements such as rent costs and utility bills as well as eating in and out into the report.

Other reports by companies such as the Post Office, often only consider elements that make coming on holiday reasonable for visitors, including the cost of sun cream and meals out in the list, however in this report there is more detail on why living in the Algarve can prove to be a very cost effective solution for many people.

According to Peddicord: “You could rent an apartment for as little as 500 euros per month; for 700 euros per month you could rent something very nice. You could live on as little as 800 euros per month in addition to whatever you’re spending on rent.

“In other words, you could live or retire in the Algarve with a budget of 1,300 euros per month or less.”

While the prices of accommodation in the Algarve do fluctuate according to where in the region you are staying, it is true that there are many very reasonable options available.  Generally rental prices and house prices on the whole are lower the further away from the coast you travel, however there are still great property opportunities to be had near to the coastal hotspots.

According to Peddicord: “Beyond housing, here’s how your monthly Algarve budget could break itself down:

An Algarve Starter Budget:

Groceries: 200 euros per person Entertainment (dining out, movies, bars, etc.): 200 euros per person Electricity/Water/Gas: 90 euros Telephone/Cable TV/Internet: 70 euros Transportation: 75 euros Miscellaneous Expenses (home goods and personal items, including local health insurance): 150

TOTAL: 785 euros/month”

While everyone has their own personal budget to keep to, it really is possible to enjoy a good lifestyle in the Algarve without having to break the bank.