One of the biggest cities in southern Portugal, Faro is situated in the Algarve region and has a rich cultural history and heritage. The city is also well connected through air and roadways and is just a two and half hours drive from the capital city of Lisbon. If you are relocating to Portugal, then Faro might be your city of choice owing to its relatively affordable living standards. In this article, we will take you through a detailed breakdown of the cost of living in Faro.
Cost of real estate and rent in Faro
In comparison to other popular cities in Europe, the rent and real estate property prices are affordable in Faro. Alongside the real estate prices, the cost of living in Faro is also relatively economical.
Rent in Faro
For a rental one bedroom apartment in the city center of Faro it will cost you around €819.82. For a three bedroom apartment in the city center, you need to pay an amount of €1396.26. If you want to rent out a single room apartment outside the city center, your rent may be around €703.16 and, for a three room apartment outside the city center, this will cost €1076.33 .
Property in Faro
If you want to buy an apartment in the city center, the price per square meter may go up to around €225.29, whereas for an apartment outside city center, the price may be around €161.03.
Quick overview of property prices in Faro
|One bedroom apartment||City center||Rent||€819.82|
|Three bedroom apartment||City center||Rent||€1396.26|
|One bedroom apartment||Outside city center||Rent||€703.16|
|Three bedroom Apartment||Outside city center||Rent||€1076.33|
|Apartment||City center||Buy||€225.29/square meter|
|Apartment||Outside city center||Buy||€161.03 /square meter|
Food prices in Faro
The price of food is an important factor that determines the overall cost of living in Faro. The cost of food in Faro is relatively affordable, especially fruits, chicken and eggs. For one person, a budget of €276.46 is enough to spend on food items. If you are a family of four, you will need to have a budget of €728.53 to buy food on a monthly basis.
A 1 kg Chicken Fillets and beef round will cost you around €5.04 and €11 respectively in Faro, whereas a loaf of fresh white bread will amount to €1.25 and 1 kg white rice will cost you around €0.90. If you are a connoisseur of wine, you should definitely take note of the wine prices in Faro. A bottle of wine can cost you around €5.50. On the other hand, the cost of a half a liter bottle of Portuguese beer will amount to around €1.07 and an imported beer (12 oz small bottle) will be around €1.22
Here’s a ready list of grocery items along with their prices that you can refer to.
|Regular milk (1 gallon)||€0.61|
|White bread (1 loaf)||€1.25|
|Rice (1 lb)||€0.90|
|Eggs (12 pcs)||€1.82|
|Local Cheese (1lb)||€7.00|
|Chicken fillets (1 lb)||€5.04|
|Beef round (1 lb)||€11.00|
|Apples (1 lb)||€1.45|
|Lettuce (One head)||€1.07|
|Water ( A bottle of 1.5 liter)||€0.34|
|Wine bottle (mid range)||€5.50|
|Portuguese beer (0.5l bottle)||€1.07|
|Imported beer (12 oz small bottle)||€1.22|
|Cigarettes (Marlboro -20 packs)||€5.10|
Restaurants in Faro
From economical restaurants, mid-range restaurants to high-end restaurants, Faro has various types of eateries that people can choose to eat from. Basic food and drink at a restaurant in a business district of the city during lunchtime can cost you around €8.09.We have collated a comprehensive list of restaurant and eating out prices in Faro. Read below:
|Meal at an economical restaurant||€9.00|
|Three course meal for 2 individuals at a mid-range restaurant||€40.00|
|Combo meal at a fast food joint||€6.50|
|Domestic beer; 1 pint draught||€2.75|
|Imported beer (small bottle)||€3.00|
|Aerated drinks (Coke/Pepsi small bottle)||€1.60|
|Small bottle of water||€1.04|
Expense on utilities in Faro
To determine what the cost of living in Faro, it is crucial to find out the utilities expenditure in the city. You must also note that the expenses will vary from person to person and will completely depend on the area of your apartment, monthly expenditure like electricity cost, cooling, heating, water and mobile plan, internet expenditure and others.
Here’s a table with all the utilities and their expenditure mentioned below:
|Electricity, heating, cooling, water, garbage for an apartment around 85 m2 (basic)||€68.00|
|1 min. of prepaid mobile charge (Local)||€0.25|
|Internet connection with more than 60 mbps, unlimited data, cable||€37.17|
Transportation costs in Faro
Faro is very well connected through a network of buses and trains. Both the bus stop and the train station are located centrally in the city. If you want to travel in and around the city, it is best to do so with public transport since it is relatively cheaper and also very easy to use. A monthly ticket for public transport, such as a train or a bus, will cost you around €33.50, whereas a taxi trip on a regular business day will amount to €17.17 for eight kilometers. Here is a detailed breakup of the important transportation costs in Faro.
|One way ticket for local transport||€2.33|
|Monthly transportation tariff||€33.50|
|Taxi (regular price)||€4.00|
|Taxi for one mile (regular tariff)||€1.00|
|Taxi (one hour waiting and regular tariff)||€14.80|
|Gasoline (1 gallon)||€2.03|
|Volkswagen Golf 1.4 90 KW Trendline or a similar new car||€30,000.00|
|Toyota Corolla Sedan 1.6l 97kW Comfort or a similar new Car)||€26,175.00|
Education costs in Faro
If you are a Portuguese citizen or a legal resident of the country, then basic education will be free for your children. However, if you want to enroll your children in private schools in Portugal, then the expenditure will be on the higher end. The fees for private primary and high schools in Portugal range somewhere between €800 to €1,500 per month. In addition to this, you also need to pay for enrollment and books.
Here is a detailed breakup of education costs specifically in Faro.
|Preschool full day and private monthly charge for a single child||€483.33|
|International primary school for a single child per year||€7815.00|
In terms of higher education, private universities in the country are relatively expensive. The fee in public universities in the country changes every year and the maximum amount is approximately €900.On the other hand, fees for private universities in Portugal amounts to €3,000.
Cost of healthcare in Faro
For Portugal citizens or legal residents, public healthcare is almost free of cost or relatively inexpensive. People in the country only need to pay a certain amount for special situations and procedures such as going for a check up to a family physician, visiting the emergency room, or taking a diagnostic examination. Read below to get an idea about basic medical expenses in Faro.
|Medicine for a cold for almost a week||€3.52|
|One box of antibiotics (12 doses)||€3.44|
|A visit to a private doctor (15 minutes)||€3.44|
In terms of private health insurance in Portugal, you need to pay around €400 per year. In case you want to go ahead with a comprehensive insurance plan, then you need to pay as much as €1000.
To know more about the cost of living in Portugal, check out our article: What is the cost of living in Portugal?
Portugal Golden Visa
If you want to invest and reside in Faro, you can consider the Portugal Golden Visa that offers applicants residency in exchange for an economic investment into the country. This popular residency-by-investment program grants permanent residency in five years for non-EU nationals. After five years of residency, individuals can also apply for Portuguese citizenship. The minimum investment for the residency-by-investment program starts at €250,000 and there are various investment options available, including real estate projects, investment funds, capital transfer, and job creation.
Benefits of Portugal Golden Visa
- You have access to 27 EU nations and can travel visa free to around 183 countries
- You can make a minimum investment of €250,000 that is super affordable for a residency permit/permanent home in Portugal compared to other European countries.
- You need stay in Portugal for only five years for a European citizenship
- Opportunity to make an investment in a thriving economy
- You can choose to become a non-habitual resident and receive significant tax benefits
- Short stay requirement
Visit our blog: Portugal Golden Visa : A Complete Step-by-Step Guide 2022
Cost of moving to Portugal from United States
If you are relocating to Portugal from the United States along with all your belongings, you should first consider your shipping expenses because that could take up the major chunk of your relocation expenditure. It will cost you $1,285.18 (20 ft container box) to shift your goods from Lisbon to New York city and it will take approximately 14 days for the consignment to arrive at the delivery address. In case you want to shift your goods via air to Portugal, it will cost you around $2,828.40. In addition to this, you should also consider your flight ticket to Portugal. A one way plane ticket to Portugal will cost you around $399.38. You should also factor in other expenses like renting/buying a new property, mobile and internet plans, and other important things that you need to buy to settle in a new place.
If you are moving to Portugal from the United States, you should definitely check out our article: Cost of living in Portugal vs USA for more insights.
Frequently Asked Questions
Is Faro expensive to live in?
Faro is comparatively affordable to other European cities and New York. If you are an expat living in Faro, €1536.03 to €2,015.77per month should be enough to live comfortably. But do note that this will increase or decrease as per your preferences and lifestyle.
What are the things to do in Faro, Portugal?
The top places to visit in Faro Portugal are: Faro Portugal, Arco da Vila, Cidade Velha, Ria Formosa Cruise, Island Beaches, Igreja do Carmo, Faro Municipal Museum, Praia de Faro, Milreu Roman Remains and Palácio de Estói.
Are houses for sale in Faro, Portugal expensive?
If you are interested in buying an apartment in the city center of Faro, then it will cost you around €225.29 per square meter, whereas if you want to get an apartment outside of the city center then it will cost you around €161.30 per square foot.
Is living in Faro, Portugal a good choice?
According to the 2019 Global Peace Index, Portugal is the safest country. In addition to this Faro as a city is relatively affordable and has an amazing quality of life.