Current analysis by Ocean Finance ranks Macedonia as the “cheapest” country on the continent
Yahoo Finance UK reports a recent analysis from Ocean Finance. They analyze “the cheapest country in Europe” to which the British could move to save money. Undisputed at the top of the analysis: Macedonia.
In addition to Macedonia, Albania (6th rank) and Bosnia and Herzegovina (9.) are from the Balkan region on the list of cheapest countries.
On August 14, Yahoo Finance headlined its English-language edition: "Macedonia is the cheapest country in Europe to move to." Ocean Finance, which carried out the analysis, is a credit card based organisation in Staffordshire, Great Britain.
Analysis by Ocean Finance shows: the cheapest country is Macedonia
Based on 11 “typical issues”, Ocean Finance's analysis showed that Macedonia is the cheapest country on the entire European continent. According to this analysis, the average cost of living in Macedonia is only 8484 British pounds per year (1 GBP / British pound sterling, currently equivalent to - as of August 2020 - around 68,26 Macedonian Denars or 1,11 euros).
The cost of living analyzed includes rent, utilities, internet, groceries, transportation, gym membership, a cup of coffee, a business lunch, a beer, a pub meal, and an evening out.
Brits could save 24 thousand euros a year
Brits, whose cost of living is £ 30,276 a year, could save a whopping £ 21,792 a year moving to Macedonia, according to Ocean Finance. That means more money for travel, sightseeing and leisure activities, says OF.
A beer in Macedonia costs only £ 1.49, while a delicious business lunch would cost around £ 5.85. According to research by Ocean Finance, an annual rent in a standard two-bedroom apartment would cost only £ 2,496 in Macedonia (around € 2,750).
Great Britain is more than twice as expensive as the cheapest country Macedonia
The UK is 50 percent - a whopping £ 10,059 - more expensive than the average European country and ranks low in terms of affordability with 41 countries out of 49, according to Yahoo based on the analysis by Ocean Finance.
However, British salaries are also about 60 percent higher, at £ 21,712 a year after taxes, compared to the European average of £ 13,602, according to the UK study.
Britons moving should compare their salary with the cost of living. However, if they still get their GBP salary, they could save tens of thousands, the study says.
Moldova second cheapest country before Azerbaijan
Moldova is the second cheapest country in Europe after Macedonia with a cost of living of just £ 9,153 a year, according to Ocean Finance. This is also the cheapest place to buy a property. A two bedroom apartment costs just £ 43,000. This is six times less than the UK - around £ 254,000.
Moldova is followed by Azerbaijan, where the cost of living is only £ 9,373. Turkey and Belarus round out the top 5 at £ 9,411 and £ 9,429, respectively.
The 10 cheapest countries in Europe and the annual cost of living according to analysis by Ocean Finance:
- Macedonia (£ 8,484)
- Moldova (£ 9,153)
- Azerbaijan (£ 9,373)
- Turkey (£ 9,411)
- Belarus (£ 9,429)
- Albania (£ 9,834)
- Ukraine (£ 10,069)
- Kazakhstan (£ 10,429)
- Bosnia and Herzegovina (£ 10,498)
- Georgia (£ 10,554)
