The Portuguese Chamber of Commerce in the UK has announced a new event designed to serve growing demand from British residents looking to take advantage of Portugal’s lower cost of living. The 12th edition of the Moving to Portugal Show will take place in London on 31st March 2022.

According to Money International, the average cost of living is 28% cheaper in Portugal than it is in the UK, while housing costs are around a third cheaper. 2022 data from Numbeo, meanwhile, show that Portugal has climbed 14 places as an affordable destination in the Cost of Living Index, while the UK has dropped back a place. Portugal is now the 64th most expensive country in the world; the UK is the 27th.

The rising cost of inflation in the UK hit a near-30-year high in January, rising to 5.5%, which is expected to hit 8% by April. The eurozone fared only slightly better, hitting a new year-on-year inflation high of 5.1% in January. Portugal, though, reported the second lowest increase of any EU Member State, at just 3.4%.

Soaring energy bills are playing a major role in the current escalation of living costs in the UK. Portugal delivers another win here, reporting the second lowest energy inflation rate in in the EU in January, at 12%.

“Life in Portugal is more affordable than life in the UK and becoming even more so. We’re seeing increasing interest from Britons looking to start over in Portugal. They are keen to enjoy a lower cost of living and a far greater choice of properties than they can in the UK. The climate, cuisine, culture and a host of other factors are also all playing their part.”

Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK

Unlike the dearth of homes coming onto the market in the UK, with their ever-spiralling prices due to the intense supply squeeze, Portugal is awash with available – and affordable – properties. Many of those moving there focus on the Algarve, due to its beaches and outstanding weather, but the Portuguese Chamber of Commerce in the UK also reports keen interest in homes in cities such as Lisbon, Porto and Funchal, the capital of the island of Madeira, as well as in Portugal’s rolling, verdant countryside.