North Macedonia is the cheapest country in all of Europe for Brits to relocate to, research suggests.
Based on 11 “typical expenses”, analysis by Ocean Finance found the Republic of North Macedonia to be the most affordable country across the entire continent, with the average cost of living just £8,484 a year.
The costs analysed include rent, utilities, internet, groceries, transport, a gym membership, a cup of coffee, a business lunch, a pint, a pub meal, and a night out.
Brits, whose living expenses come to an eye-watering £30,276 a year, could save a whopping £21,792 annually by relocating to the country in south-east Europe — meaning more money for travel, sight-seeing and recreational activities.
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A pint in the Balkan Peninsula country costs just £1.49, while a business lunch comes in at about £5.85, and a year’s rent in a standard two-bedroom apartment costs just £2,496, according to the research.
The UK is 50% — a massive £10,059 — more expensive than the average European country, ranking lowly at 41 out of 49 countries when it comes to affordability.
However, Brits’ salaries are also about 60% higher, at £21,712 a year after tax, compared with the European average of £13,602, the study found.
Brits who are moving should compare their salary to the cost of living. However, if they’re still being paid their GBP salary, they could save tens of thousands, the research suggests.
Moldova is the second-cheapest country in Europe, with living costs at just £9,153 a year. This is also the cheapest place to buy a property, with a two-bedroom flat costing just £43,000. This is six times less than what it costs in the UK — about £254,000.
Moldova is followed by Azerbaijan, where the cost of living is just £9,373. Turkey and Belarus round out the top five, at £9,411 and £9,429, respectively.
The 10 cheapest countries in Europe, and the annual cost of living
North Macedonia (£8,484)
Bosnia and Herzegovina (£10,498)