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Expat dream goes sour due to cost of living hikes
| Published: | 17 Jul at 6 PM |
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Recent research suggests that, for many expats, the cost of living is soaring at four times the rate of British inflation.
The dream of living in a warm climate overseas is fading for a vast number of expats still resident in the unstable Eurozone. According to a recent survey, costs have risen as much as 15 per cent in the last year.
The survey by the Post Office Expat Payments Index saw almost half of the 900 expats taking part saying that motoring costs, household expenditure and meals out were costing 10 per cent more than in 2011. Worse still, almost two in five said their costs had risen by 20 per cent.
Of expats who owned their homes, almost 75 per cent stated the value of their properties had either remained static or fallen over the past year, with 10 per cent reporting prices plummeting by more than 20 per cent. Worries about the future and plans for significant cutbacks were admitted by 75 per cent of those surveyed.
Expats living in Cyprus, Portugal and Spain have been especially hard hit by rising costs. Spanish expats noted a 15 per cent rise in meals out and fuel increases of 10 per cent, and 33 percent of those surveyed in Cyprus saw their cost of living rise 20 per cent, mainly due to increased food prices. Home owners on the island saw their properties drop in value by over 20 per cent and 40 per cent of Portuguese expats also saw 20 per cent increases in their living cost.
In France, 40 per cent of those surveyed mentioned an overall increase of around 10 per cent. Only 3.5 per cent of the total surveyed said they had noticed no increase.
The dream of living in a warm climate overseas is fading for a vast number of expats still resident in the unstable Eurozone. According to a recent survey, costs have risen as much as 15 per cent in the last year.
The survey by the Post Office Expat Payments Index saw almost half of the 900 expats taking part saying that motoring costs, household expenditure and meals out were costing 10 per cent more than in 2011. Worse still, almost two in five said their costs had risen by 20 per cent.
Of expats who owned their homes, almost 75 per cent stated the value of their properties had either remained static or fallen over the past year, with 10 per cent reporting prices plummeting by more than 20 per cent. Worries about the future and plans for significant cutbacks were admitted by 75 per cent of those surveyed.
Expats living in Cyprus, Portugal and Spain have been especially hard hit by rising costs. Spanish expats noted a 15 per cent rise in meals out and fuel increases of 10 per cent, and 33 percent of those surveyed in Cyprus saw their cost of living rise 20 per cent, mainly due to increased food prices. Home owners on the island saw their properties drop in value by over 20 per cent and 40 per cent of Portuguese expats also saw 20 per cent increases in their living cost.
In France, 40 per cent of those surveyed mentioned an overall increase of around 10 per cent. Only 3.5 per cent of the total surveyed said they had noticed no increase.
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