Live & Retire for Cheap in the Mediterranean

Covering an area of about 2.5 million square kilometers, the Mediterranean Sea is enclosed by the coasts of Southern Europe, North Africa and Western Asia. The sea acts as a central feature of the region, shaping its climate, trade routes and way of life. Retiring and buying property in most of the coastal areas of the Mediterranean offers a compelling and captivating lifestyle. In fact, in the last five years or so, almost two million people have racked up properties and retired along its shorelines. However, not everyone can opt to retire here, as the median cost of living and prices of properties in most of its prime regions, like the French Riviera, Malta, Liguria and the island of Mallorca, are at all-time high. Nonetheless, in this video we have listed some of the best regions offering a more affordable, or at least competitive, cost of living relative to their more prominent counterparts. Additionally, other key factors like safety, quality of life and healthcare system are also taken into consideration whilst ranking these regions. So with that, here are 12 affordable regions to retire and buy property on the Mediterranean. Number 12. Occitanie, France Located in southern France, Occitanie is characterized by diverse geographical features, including coastal areas on the Mediterranean Sea, the Pyrenees mountain range along the border with Spain and vast plains and vineyards in the interior. It boasts all the features that draw hordes of retirees to the Riviera, but it is less discovered, less touristic and less expensive. Additionally, the region benefits from the Mediterranean climate, with hot dry summers resulting in an average of 300 days of sunshine per year. There are several notable cities in this region, including Toulouse, the regional capital, Montpellier, Nîmes, Perpignan and Carcassonne. Each of these cities displays their own unique charm and are fully developed with all the modern day services. Moreover, the cost of living in these cities is far less than the likes of Nice, Cannes and Saint-Tropez. A single person can easily reside in any of its major cities for under a monthly budget of $1,800, while a couple should expect to spend at least $3,200 per month. Property prices vary a lot in this region, as each part has different property markets with corresponding styles and hotspots. But one thing is for certain, anything with a mountain view or close proximity to the beach will be more expensive. When it comes to the visa policies, most non-EU retirees opt for its long-stay visa called VLS Visiteur. This program enables retirees to obtain residence permit after staying in France for one year. To obtain this, the main applicant needs to showcase proof of an income equating to at least $1,800 per month or about $3,600 for a couple. Number 11. Southern Cyprus. This part of Cyprus is one of the most popular regions of the island, attracting thousands of visitors each year, thanks to its beautiful sunny weather and coastal views. The main points of interest for most retirees in this region include the cities of Paphos, Limassol and Larnaca. All of these are well-developed and are packed with large international communities, which makes it easy for retirees to socialize with like-minded people, while in contrast, its countryside further inland is less developed. But healthcare is not an issue in any part of the country, as most of its areas are equipped with world-class facilities. In addition to this, the tax situation for retirees in Cyprus is generally quite favourable as it offers generous tax exemption for pensions and other retirement income. Overall, it is considered to be an affordable destination for retirees, particularly when compared to prominent Mediterranean islands like Mallorca and Malta. To top it off, it is also a very affordable destination to buy beachfront property, with median price for a two-bedroom house in its main districts of Paphos being around $200,000. However, it is worth noting that the requirements for retiring in Cyprus can vary depending on your country of origin. For example, EU nationals can retire here showcasing anything, while non-EU nationals, especially those hailing from third world countries, are obligated to demonstrate having sufficient financial means to support themselves. Number 10. Andalusia, Spain. Occupying a large portion of the Iberian Peninsula, Andalusia is one of the 17 autonomous communities of Spain. The region is bordered by the Mediterranean Sea to the east, the Strait of Gibraltar in the south, and Portugal to the west. From beaches to quaint whitewashed villages, flamenco to fiestas, Andalusia has it all, including the popular cities of Marbella, Malaga, Cadiz and Seville, the region's capital, plus a wide selection of famous small town. Holidaymakers hail to this region for beaches and surfing, whilst using the resort city of Marbella as a base to explore inland Andalusia and the Sierra Nevada National Park. Sun seekers and tourists, though, aren't the only ones paying attention to what Andalusia has on offer. Retirees and second-home buyers dreaming of a continental beach retirement haven also put this region at the top of their lists. So all in all, whether you're looking for a laid-back beach lifestyle or a more metropolitan urban environment, Andalusia offers the best of both worlds. What's more, despite its popularity with tourists, the average cost of living in this region is still very affordable, and the region has a vast range of cheap real estate on offer. Number nine, Crete, Greece. Crete is the fifth-largest island in the Mediterranean and is by far the largest out of all the Greek islands. It is getting more popular day by day as a touristic, retirement and holiday house location. While it offers many of the attractions that go with island living, including world-class beaches, seaside tavernas and a relaxed vibe, it also has a highly developed infrastructure, so retirees can avail all the modern-day services like health care, shopping centers, recreational and educational opportunities on this island. Plus, the overall economy on the island is strong and transport links throughout Crete are swift, making it easily accessible. Additionally, the island receives over 300 days of sunshine and is home to many coastal towns, bustling cities and open fields to explore. When it comes to buying property in Crete, beachfront property is in high demand with median home value for a beachfront detached house over $300,000. But nonetheless, there are several gated communities further inland, where one can buy a mid-sized villa for under $200,000. Number 8. Coastal Montenegro. This Balkan country is divided into three main regions, simply called the Central, Northern and Coastal regions. Out of these three regions, obviously the coastal one is the most appealing for retirees with area like Kotor, Budva and Bar being the main hotspots. The coastal area is a major attraction for tourists and has played a significant role in the country's tourism industry. Aside from these main areas, this coastline extends for around 300 kilometers along the Adriatic part of the Mediterranean Sea. So there are many other small communities and locales doted throughout its shoreline. Compared to many Western European countries, its cost of living is considerably low, especially in newly developed areas and smaller towns. However, living costs vary depending on lifestyle choices and location. Housing, utilities and groceries are generally affordable while dining out, and entertainment is slightly more expensive in touristic areas like Kotor. On the downside, property prices in this region are at an all-time high as most of the coastal region is filled with super-yachts belonging to Europe's elite. But nevertheless, apartment prices in its coastal city of Bar are still reasonable, with median price for a two-bedroom condo going for as low as $150,000. Number 7. Dalmatia, Croatia A narrow belt stretching from the island of Rab in the north toward the bay of Kotor in the south, Dalmatia is a coastal region of Croatia's eastern shores of the Adriatic. With pleasant weather year-round, affordable housing markets, and a growing expatriate community, it is the prime spot to retire and buy beachfront property in Croatia. It also has a rich history and cultural heritage, with many historical sites and museums to explore. Its local cuisines are top-notch, and the friendly and welcoming locals make retirees feel at home. The cost of living in Dalmatia is generally lower than in Western Europe, making it a more affordable option for most retirees. In addition, access to healthcare is also available and affordable here. However, retirees who prefer tranquillity should be aware of its crowded touristic areas, especially in its peak seasons. The housing options in this region are quite diverse in terms of affordability, with two- to three-bedroom condos in cities like Split and Zadar. At walking distance from the sea, costing around $250,000, while houses directly overlooking the ocean can cost up to $350,000. Moreover, it's a wonderful holiday destination with typical Mediterranean charm, good gastronomy, and a handful of options for sightseeing and natural beauty. So the rental market in this part of the country is also in high demand. Furthermore, the entirety of the region is highly accessible and is well-connected with Europe and the rest of the world with several international airports and great road links. Number 6. Sardinia, Italy Sardinia is the second-largest island in the Mediterranean and is designated as a Blue Zone, which means it is home to one of the highest rate of people over the age of 100 years with the highest rates of life expectancy. Aside from the life expectancy, it scores high in many other indexes like happiness, well-being, and safety. Each place on this island features a unique blend of lifestyle with a heavy dose of Italian traditions and culture. Home to beautiful beaches, mountains and forests, small villages and larger cities, delicious local food and wine, it has something for everyone. In addition, the cost of living in Sardinia is 40% lower than mainland Italy. And with more than 300 communes, it displays a variety of options to buy property in. Condos and townhouses can be bought for well within $150,000, yet bigger houses by the sea can cost way above $350,000. But better yet, there is a lot of diversity among property rates in Sardinia as properties can be found to fit any budget. Number 5. Turkish Riviera The Turkish Riviera, also known as the Turquoise Coast, is a 600-mile-long stretch of Mediterranean coastline in the southwestern region of Turkey. It stretches from the southern part of Izmir to the city of Alanya in the southern region of the country and includes many beautiful coastal communities and cities, each with their own unique atmosphere. Weather on this part of the country is also pleasant year-round. Summers are adequately warm with low humidity, making it a perfect retirement spot. The property market on the Turkish Riviera offers stable prices, great returns on investment, and many unique areas to choose from. Plus, foreign investors are allowed full freedom to invest in Turkey's real estate, and the government even encourages this by offering tax incentives and residency programs. There is also a great variation in prices that can be adjusted to fit any budget, with smaller outskirts of its developing parts costing around $150,000, while the coastal areas directly facing the sea in areas like Antalya can cost around $250,000. Additionally, the cost of living in almost any of its prominent area barely exceeds $1,800, so most retired couples can live here quite lavishly with a monthly budget of around $3,000. 4. Puglia, Italy Puglia is a very distinctive bit of Italy. It stands out on the map, creating the high heel of the Italian boot. Moreover, it has the longest coastline of any coastal region of Italy. The sea is never far away, and the bright Mediterranean light bounces off Puglia's many whitewashed cubic buildings to give the region the feeling of a Greek island. Its rolling countryside and pristine beaches are just a few of the reasons to invest in property. The region's ancient towns and seaside resorts coexist with the landscape of olive groves, vineyards, and rolling hills. Many avid retirees have bought property near the vicinity of its capital city Bari, as it is the hub of the region's public transport and the place to make most connections. One can reside comfortably in any of its major area for under a monthly budget of $1,500. While, the median home listing price in the region is estimated to be around $85,000, however, there are many small rustic old homes available further inland that can be had under $50,000. On the flip side, unlike many of the places we cover, English is not widely spoken in Puglia, and basic knowledge of Italian is a must for those choosing to retire here. Number 3. Peloponnese, Greece. A peninsula in the southern part of Greece, Peloponnese is separated from the mainland by a small brink of canal, but it is connected to the Its topography is very diverse. In the northwestern part of the peninsula, there are the mountain ranges, and the central part of the peninsula is dominated by the Arcadian Plateau, while the eastern and southern parts of the peninsula are distinguished by a picturesque coastline that hosts several seafront communities. The main points of interest for most retirees in this region are the city of Kalamata and Patras, both of which are known for their natural attractions, sunny weather, local cuisines, and a slow pace of life. In addition, the whole region is relatively affordable, with median cost of living for a couple at around $2,500, making it a popular choice for budget-oriented retirees. Furthermore, property prices in its main city of Patras is quite low, with median listing for a two-bedroom apartment with sea view barely exceeding $100,000, while freestanding homes right on the coast in the adjoining areas go for as low as $200,000. Number 2. Sicily, Italy. Another region of Italy, Sicily has that sleepy, authentic feel. It is the largest and one of the most densely populated islands in the Mediterranean Sea. It offers a traditional Italian experience, complete with medieval hilltop towns and incredibly cheap properties. In the past, people used to avoid it completely, but nowadays, the travel connections with the mainland and safety index are improving, so the numbers of people looking to retire and buy property here are slowly growing. But generally, the region only receives seasonal retirees, as the idea of living long-term in this region is not that appealing. Apart from the clichés, its cost of living and property prices are the lowest in Italy, with average monthly expenses barely reaching $1,200, while the median home listing price amounting to $75,000, whereas if you are after luxury, there are some exceptional houses in southern Sicily that can set you back $300,000. In addition, small stone houses in villages, almost all of which require extensive renovation, can be easily bought for a mere $5,000 to $30,000. Number 1. The Albanian Riviera. Situated in southern Albania, this is by far one of the best cheap regions to retire and buy property on the Mediterranean. Most people perceive the Albanian Riviera as the entire coastline of the country, but it only encompasses the area bordering Greece, in front of the island of Corfu. The beach cities of this area have become an attractive retirement and travel destination, given that they are significantly less crowded and a lot cheaper than other European hotspots. Moreover, there are many small settlements, large towns and gated communities along this coast to buy inexpensive beachfront property. But according to one of its local realtor website, property prices in this area are expected to increase at a rate of almost 30% in the next couple of years as the country is starting to see a high demand for beachfront properties. So with so many options to choose from, it is one of most prime spot to retire and buy real estate in Albania.