Living in Málaga, Spain is the amazing option that I am 99% certain that I have chosen for early retirement. Let’s dive into some details to get a better idea of the cost of living there.
In November 2024, Forbes magazine named Málaga the second best place for retirees to live. It has so much culturea and a Mediterranean climate with more than 300 days of sun every year. It is also relatively affordable city. According to Numbeo, with a cost of living that’s about 18% lower than other popular cities in Spain such as Barcelona.
So what am I considering in my budget?
Housing
Rent is likely to be your biggest expense in Málaga. Numbeo estimates an average rent price in Málaga to be €12.20 per square meter. So, depending on the size and location of your desired apartment, you can expect to pay anywhere between €700 and €1200 per month.
Healthcare
Spain has a well-regarded public healthcare system. If you are retiring to Spain on a Non-Lucrative Visa, you will need to purchase private health insurance. Prices will vary depending on your personal situation.
Food
Groceries and dining out are generally affordable in Málaga. You can expect to spend around €300 per month on groceries, while a mid-range restaurant meal for two can cost around €50.
Other expenses
Here’s a quick look at other monthly costs to consider:
- Utilities: €80-€250
- Transportation: €20-€40 (including public transport or gas)
- Internet: €20-€40
Total Cost
Adding it all up, a moderate lifestyle in Málaga could cost you anywhere between €1,100 and €1,300 per month, not including rent.
What other costs would you include in your budget?
Remember: This is just a rough estimate. Your actual expenses will vary depending on your lifestyle choices.
Final Thoughts
Málaga offers a sunny climate, beautiful beaches, and a rich culture, making it an attractive option for early retirement. By carefully planning your budget and considering your spending habits, you can make your dream of retiring early a reality.
Disclaimer
I’m not a financial advisor, so this is not financial advice. Please consult with a professional before making any major financial decisions.
Photo by Ibrahim Boran on Unsplash
