Where are the cheapest places in Europe to retire to right now?

Retiring abroad is a dream for many and often a shrewd decision as costs of living rise.

But relocating to a new country comes with challenges and it’s important to choose a destination that caters to your needs.

Property Guides, a company that helps people purchase houses overseas, has compared European countries popular with expats to determine which is the best for retirees.

Here are the top places where you can save money and live well.

The best countries in Europe for retirees

The property assistance company looked at five different factors to determine which European country is best to retire to.

Property Guides analysed the amount of green space (square metres per resident) in cities, the option for universal healthcare, the number of hospital beds per 1,000 people, the crime level (incidents of theft per 100,000 people) and the cost of living.

Türkiye is the cheapest country in Europe to retire abroad

Türkiye was found to be the European country with the lowest cost of living for retirees – at an average of £422 (€488) a month.

That means a UK pension will go at least four times further than in Britain where the equivalent cost of living would be £1,652 (€1,913).

What’s more, Türkiye may be outside the EU but it is a country where UK pensions are uprated each year, like Britain, with the ‘triple lock’ system.

Retirees can feel safe in Türkiye too. Crime levels are some of the lowest of the countries surveyed, with only 214 records of theft per 100,000 people.

You’ll be surrounded by other foreigners too, as Türkiye has seen a surge in visitors since the ending of pandemic travel restrictions. It looks set to take over from France as the second-most visited country in Europe in 2024.

Germany offers retirees plenty of green space

The second-best place for retirees to move to according to Property Guides’ list is Germany.

With each resident having 88 square metres of green space, it’s the perfect location for nature lovers and those who want to spend their new-found freedom outdoors.

Berlin has the highest number of hospital beds per 1,000 people across all countries analysed, so you can feel more confident when it comes to staying in good health.

Greece is a low-cost destination for retirees

Greece comes in third in the rankings thanks to strong numbers in most categories.

For retirees looking to protect their savings and retirement fund, Greece has the second lowest cost of living out of the locations analysed, with an average monthly cost of living of £894 (€1,027).

Crime isn’t much of a problem, with 909 records of theft per 100,000 people, and the amount of green space per person is above average.

Portugal is cheap but lacks green space

The third cheapest country for living costs is Portugal, although it comes 7th in the rankings overall.

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Despite costing just £972 (€1,117) a month to live there, it lacks green space at just 37 square metres per person.

The country’s crime rate is not too high, however, with 749 records of theft.

Ireland is one of the most expensive countries in Europe to retire to

Of the top 20 places to retire to, Ireland was found to be the most expensive destination. The monthly cost of living is £1,930 (€2,218), which is more than in the UK.

The country doesn’t do too well in terms of crime rates, at 1,372 records of theft per 100,000 people and the number of hospital beds per 1,000 people is one of the lowest of the top 20 countries.