Mission Statement: to assist the integration of foreign residents living in Spain
By Adam Woodward •
Published: 03 Nov 2024 • 0:48
• 1 minute read
Of all the capitals of Europe, Madrid is where the cost of living has risen the most a 25 percent increase in monthly minimums of €1,689 per month.
Madrid has overtaken Amsterdam in this respect by more than 7 points, the second capital that has seen an increase in cost of living at 17.7 percent. These were the results of a study by online bank Bunq in their ‘working abroad’ index, which measures the cost of living for digital nomads in European cities.
The Spanish capital is tenth in the ranking for the most expensive places to live in Europe. Madrid is still far from the other cities listed in the top ten of the ranking, including London (€3,227 per month), Dublin (€2,633 per month), and Amsterdam (€2,563 per month).
Currently in Europe, the most affordable European capital cities for remote workers are Bucharest (€829 per month), Sofia (€870 per month), and Budapest (€942 per month).
Everything has changed for younger job applicants
Until the 2020 pandemic, few were even contemplating the cost of living for the digital nomad, but in 2024, everything has changed with younger job applicants turning down good positions left right and centre because of a company’s in-person working policy. This is a factor that human resources departments are struggling to deal with across the world in 2024.
In 2023, the number of people who took the model of disconnecting from the face-to-face workplace from their job amounted to 40 million, and the forecast is that they will reach 60 million by the end of 2024.
‘A life without borders depends on many more elements than choosing your next destination; it is important to understand the costs that entails,’ explained Bunq’s CEO.
The biggest impact on Madrid’s cost of living is the price of housing. The average rate for rent on a one-bedroom flat in the capital went from €890 in 2023 to €1,184 in 2024, the highest recorded increase in all of Europe.
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Passionate about music, food and the arts. After being completely immersed in the Spanish way of life for 25 years, I now share my knowhow and experience with you.
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