You have decided to live in your dream location - on the island of Mallorca. One of the first things you are probably interested in is the cost of living in Mallorca.
Indeed, there are countless reasons why Mallorca is the ideal location to live. Impressive landscapes, fantastic beaches, luxury restaurants and bars, and top service - these are just some of the reasons. If you are a tourist, you can spend an unforgettable few days or weeks in Mallorca, so you must be wondering what the case with life on this beautiful island is. That is why in the rest of the text, we will focus on the topic of the cost of living in Mallorca through different areas so that you can get an idea of what it is like to live here.
What does the cost of living in Mallorca depend on?
When it comes to the cost of living in Mallorca, many believe before starting life on the island that everything is cheaper than they hoped, but this is not always the case. Certain reasons affect the cost of your stay in Mallorca, as well as ways to reduce it and save.
There are aspects that create additional costs for you that you may not initially have in mind. Electricity or gas bills can be high, as can grocery prices. If you are not a resident of Mallorca, you will also need health insurance, as will all members of your family. Also, due to the high demand for real estate, the prices of renting apartments and houses, as well as buying them, are much higher in large parts of the island.
Given the geographical location of Mallorca, as well as the historical importance of most towns and villages, this should not surprise you. Some of the reasons for the increase in the cost of living in Mallorca are the following:
- Mallorca is an island, so everything must be imported by sea or air.
- When it comes to its cultural and historical importance as well as its beauty, Mallorca attracts a large number of those who want to buy real estate right here. For this reason, prices are constantly increasing.
- Tourism is another reason for the increase in certain expenses, such as the prices of plane tickets during the season, car rentals, etc.
What will make you happy is that you can successfully control the cost of living in Mallorca. Many of the high prices that make up the high cost of living apply primarily during the summer season when demand is high. So, for example, you can rent a car for less than one euro during the day in the off-season.
Another great way to reduce some costs is to become a resident, that is, to get a residence permit. It is also required by law, and you will get free public health treatment. For discounts on travel to places belonging to Spanish territory, you also need an "empadronamiento" certificate. When it comes to food, you can avoid significant expenses by buying seasonal food as well as going to the weekly markets held in many of the towns and villages on the island.
Apart from the above examples, the cost of living in Mallorca will largely depend on your personal lifestyle, which includes the following:
- Size and type of real estate, location, equipment
- Family size, i.e., how many people live in your apartment or house
- General lifestyle - for example, consumption of cigarettes, and alcohol and spending money on them
- Your salary or budget
Property prices in Mallorca
Regarding the cost of living in Mallorca, it is essential to mention real estate prices. This island is currently one of Europe's most sought-after destinations for vacation and creating a home. The demand for rental properties, be it apartments, houses, or villas, is rising, and so are their prices. This principle also applies to selling and purchasing real estate in Mallorca.
According to data, real estate prices in Mallorca have increased by about 4% within a year, and this figure also applies to the entire Balearic Islands. As the whole industry progresses, there are better quality properties that you can rent and buy. If you are wondering when is the best time to invest in property in Mallorca, the answer is - right now.
The price of real estate, whether it is a rental or purchase, depends on certain factors, such as:
- The original condition of the property and the need for renovation
- Size and equipment of the property
Thus, for a luxuriously furnished two-bedroom apartment in Mallorca, you can pay, on average, by location:
- Alcudia - €280,000
- Cala d'Or - €214,000
- Port De Pollença - €146,000
- Campanet - €325,000
The cost of living in capital Palma de Mallorca
The cost of living in Mallorca will depend on the type of property, your budget, family size, and your needs, as well as the location. If your dream is to live in Palma de Mallorca, the island's capital, you need to know how much it will cost you.
When you decide to move to this famous tourist capital, one of the things to consider is the pros and cons of living there. This applies, among other things, to income as well as expenses so that you can enjoy life in the capital of Mallorca to the fullest. That's why we provide you with an overview of some basic types of living costs in Palma de Mallorca.
Average restaurant prices
Restaurants in Palma de Mallorca can be costly, especially if they are first-class restaurants with top-notch service and specialties. As the cost of food and ingredients increases, many restaurants can be quite a bit more expensive than what you are used to in your home country.
Average prices in restaurants look like this:
- One meal in an average restaurant: €12.24
- Local beer of 0.5 l: €3.19
- The water of 0.33 l: €1.45
However, the occasional trip to a restaurant should not be a problem for your budget, and you can always choose one of the excellent restaurants that offer cheaper options to their guests.
Average market prices
The cost of living in Mallorca can be reduced if you visit one of the markets on the island that are held on certain days of the week. We mention this because food is undoubtedly the biggest expense you can have in Mallorca, so you need to be informed about how to balance income and expenses.
Food prices in stores can look like this:
- Loaf of bread (500 g): €1.02
- Pack of 12 eggs: €1.65
- Milk (1 l): €3.29
- Apples (1 kg): €2.06
- Chicken fillet (1 kg): €5.97
Average transport prices
We have mentioned car rental, which can be pretty expensive in the summer, and as for owning your own vehicle, the problem can be the high fuel price. On the other hand, public transport is a great option to start with, because it is efficient and cheap.
The cost of the transport ticket looks like this:
- One-way ticket: €1.60
- Monthly ticket: €39.39
- Gasoline price: €5.35
Average utilities prices
Along with the price of real estate rent, it is desirable to find out the amount of money that needs to be set aside every month for communal services. This item can affect your budget and the choice of location to live, so it is necessary to plan for this expense additionally. On average, the cost of electricity, water, heating, garbage, and internet access can be around €190, but it depends on many factors and can be lower or higher.
The average prices of utility services are as follows:
- Essential utilities (electricity, water, heating, cooling, garbage): €123
- Internet (unlimited internet, cable/ADSL): €54
- Prepaid mobile tariff - 1 minute: €0.27
When it comes to the average rent price in Palma, it depends on how many rooms the property has and whether it is located in the city center or on the outskirts, and it can range from €850 to €1,500. The price also depends on the property's equipment, arrangement and others.
Average clothing prices
A large number of tourists also dictates the prices of clothes that are available on the island. Designer clothes that you can find in luxury stores and boutiques are extremely expensive sometimes, so you can find an alternative by shopping from local manufacturers or other lesser-known boutiques that offer quality goods for less money.
- Average prices for clothes and shoes can be:
- A pair of trousers or jeans: around €80
- A summer dress in a popular chain store: around €35
- A pair of shoes: about €80
Electricity cost in Mallorca
When talking about the cost of living in Mallorca, the money that needs to be allocated monthly for electricity costs must also be mentioned.
In the case of Mallorca, this cost depends on the time of year. Thus, in the winter months, you can pay more due to heating costs, while in the summer, you pay more because of the air conditioning. Therefore, average electricity costs are lower in autumn and spring, and they can range from €80 to €90.
Different electricity tariffs are available to you in Mallorca. You can save by using appliances in your apartment during hours with a lower electricity consumption tariff, which varies from company to company. Other tariffs can be adjusted to your usage, where you will get certain discounts, as well as fixed tariffs based only on the total electricity consumption during the month.
Petrol cost in Mallorca
The cost of living in Mallorca also includes the fuel price if you are a driver. The fuel price can often be the most significant expense for many people, while on top of that, you have other costs to maintain the vehicle. Before you decide to drive on the island, you must familiarize yourself with it a little after you move.
Your gas costs will, of course, depend on how often you travel by car. In the case of an average car, you could spend around €50 - €75 per week on fuel. Fuel prices are rising, so it's good to keep that in mind if you decide to live in Mallorca. There are, however, special discounts if you use the petrol app.
Fuel prices in Mallorca are currently within the following limits per liter:
- Petrol 95 - €1,899
- Diesel A - €1,909
- Petrol 98 - €2,059
The cost of living in Mallorca for three months
The cost of living in Mallorca can depend on your salary and budget. Salaries on this island range from €400 per month to €14,000, while half of the population earns around €3,200 on average. According to the research, for the monthly expenses, when it comes to living on the island, you should set aside about €3,000 in order to live comfortably.
Of course, in this case, it is also true that spending money wisely and planning a budget for most of what is bought is necessary. Wages increase over time, albeit in parallel with the demand and prices of real estate, groceries, and other essentials, so tips for cutting costs are always helpful.
A couple that lives in a small apartment in a quiet part of the island that doesn't go out to restaurants often and uses local food and products will have fewer expenses than a family that lives in a big house, goes on trips, and has schooling expenses. That's why the cost of living in Mallorca depends on many factors and can change over time.
With a bit of planning, the cost of living in Mallorca can be drastically reduced, and you can also get other various benefits, not only for you but for the whole family. In this way, you will be able to enjoy the quality of life offered by Mallorca more carefree, regardless of your budget.
Many choose to live in Mallorca for several months during Easter and summer, as well as during Christmas. Living expenses per person can range from €500 to €600, and renting a property can be up to €1,500 per month.
The cost of living in Mallorca compared to the UK
Mallorca is one of the popular destinations that tourists from Great Britain choose, as well as Britons who want to buy real estate on this island. Apart from the beautiful beaches and coasts, one of the reasons is the lower cost of living in Mallorca than in, say, London.
The cost of living in Mallorca is generally uniform throughout the island, while in the case of Great Britain, it depends on the location where you live and varies from city to city. Comparing the average prices of groceries and basic necessities, as well as basic bills, rent, and utilities, living in Mallorca is far cheaper than in major UK cities. According to data and research, the cost of living in Mallorca compared to Great Britain looks like this:
- Food is roughly 10-30% cheaper in Mallorca
- Transport is more affordable in Mallorca, except for taxis
- The price of petrol is about 25% lower in Mallorca
- Kindergarten services are twice as low in Mallorca
- Renting a property is 2-3 times cheaper in Mallorca while buying an apartment is up to 5 times cheaper
Compared to the suburbs of London and family life in a one-bedroom apartment, living in Mallorca is much cheaper, even in the capital city of Palma de Mallorca. You will also pay less for kindergarten, and the currency exchange rate is also more favorable. As we have already mentioned, other costs can be unexpectedly higher. With budget planning and good cost information, you can still maintain exactly the standard of living you want.
Rental costs in Mallorca
You also need to know the rental costs to know the overall cost of living in Mallorca.
Depending on the location and type of property, you may pay a different rent. Thus, you will have cheaper rent in rural areas or smaller towns. Apartments and houses by the sea, with a beautiful view or a beach nearby, can have a much higher monthly rent. This also applies to properties that have swimming pools and similar amenities.
An average apartment of 85 m2 consisting of two bedrooms can cost €850 - €1,000 if it is located in a larger city such as Palma de Mallorca. For a three-room apartment, you should allocate €1,200 - €1,500 per month, and for a house with three or four rooms, expect a rent of €1,500 to €2,000 per month.
The price of rent for renting a house or villa in Mallorca is increasing due to high demand, as well as due to the lack of land. If you need temporary accommodation, you can also rent a part of the house or a room for around €350 to €450 per month.
The cost of education in Mallorca
The cost of living in Mallorca also includes education costs if you are moving to this island with your family.
Education in a state school is free, but a certain amount of money needs to be set aside for school supplies and books. In the beginning, you can count on that cost to be around €300. Families with two or more children usually get free kindergarten in public schools. If you pay for the stay in the kindergarten, it also amounts to around €300.
International schools and their cost depend on the child's age and can vary from €8,000 to €11,000 per year, with the price including a kit with books, but without lunch. Private schools cost less, ranging from €4,000 to €5,000 per year.
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