Ibiza is where people go when they want to have fun. The island thrives on tourists who go here to party, even during a pandemic. And while that's certainly good for the place, it's a shame that there aren't a lot of people who prefer to live here as well. There still are, but not as many as those who simply want to visit the island, party and have fun, then leave when they're done. Perhaps knowing how much it costs to live here might change their minds? Or are the living costs what makes them avoid relocating here in the first place?
Costs of Renting in Ibiza
Despite its notorious reputation, Ibiza is actually as costly as many other cities in Europe. It's even as costly as Spain's most prominent cities like the country's capital, Madrid, and the Catalan capital, Barcelona
. Just like in those places, the rent here are typically within the thousands which, for the most part, are pretty standard. A one-bedroom place in a central part of the city would cost around €850.00 to €1,700.00 a month. While a three-bedroom flat in the same area would cost you €2,200.00 to €3,000.00 a month. If you want a place that's along the outskirts of town, that'll cost you €700.00 to €2,800.00 a month.
Costs of Buying Property in Ibiza
It's even more expensive when you buy your own property in Ibiza. No matter which districts on the island
you choose, acquiring land here will cost you hundreds of thousands of Euros. Possibly even millions too! It's far from other countryside cities in Spain, like Girona
, for instance, wherein the costs for land, while still high, are still not as expensive as in Ibiza. Specifically, when you go for a spot in the center of the city, it'd cost you €3,000 to €7,000.00 per square meter. Property in the outer parts of the island would cost you €4,500.00 to €5,000.00 per square meter instead.
Thank goodness your utilities are a different story! Even if you paid a lot of money for your home or accommodation here, at least your monthly expenses aren't all that high. It'd only cost you €120.00 to €300.00 for all your monthly basic bills. These already include your electricity, water, heating, garbage disposal, and more. Overall, it's still substantially pricier than those in other rural Spanish cities but at least, generally, it's not that high. Getting wifi into your home every month isn't that expensive as well. It'd only cost you around €46.00 to €80.00
If you were told you can shop for one-to-two week's worth of groceries in Ibiza for less than €100, would you believe it? It almost sounds too good to be true, right? Be that as it may, it's 100% true! The common total median price of food here is €63.76. With that, you can already get a carton of milk, 1.5 liters of water, a loaf of bread, a dozen eggs, different types of meat, fruits, vegetables, snacks, and even alcohol too. Though this amount only applies to standard mid-range grocery stores. If you go to more upscale shops, then the total price would be much higher.
That same rule applies to eating out too! Ibiza has many excellent foodie hotspots
where one meal can already cost a fortune. Some are stand-alone establishments, some are run by famous chefs, and others are located in the most luxurious resorts and hotels on the island. However, those aren't the only places you can go to when you want to eat out. You can still have lunch or dinner at an affordable place that'll only cost you €8.00 to €17.00 per meal. And if you want to take someone out at a mid-range place for a three-course meal, that'll cost you €40.00 to €100.00.
Getting around Ibiza may seem expensive but it doesn't have to be! For one thing, you can always take public transport
here! Riding the bus, for instance, will only cost you €3.50 to €4.00 a ride, depending on your destination. Now, if you double those amounts for a round-trip, then it'd only cost you €7.00 to €8.00 to go back and forth. You can also rent a car in Ibiza which is pretty common here. And they're affordable too! But if you want to buy your own private vehicle here, prepare to shell out €19,000.00 to €25,000.00 for one, regardless of model and brand.
Ibiza may not be a fashion capital but it's still a place where people would want to look their best. Luxury shopping here is common, what with the many designer stores and upscale retailers where even the simplest piece can already cost hundreds or even thousands of Euros. With that said, you can always go for the more affordable high street brands
instead. A piece from one would only cost you €20.00 to €70.00 each. The price for pair of jeans here commonly ranges from €50.00 to €90.00. And when you want new sneakers, it'd only cost you €40.00 to €150.00 a pair.
You're in Ibiza! Not only is this island the party capital of the world, but it also has some of Spain's most beautiful beaches. So, of course, you'd want to look your best here, right? Luckily, there are a ton of excellent gyms and fitness centers that can have you looking slick, svelte, and fit in no time. The most luxurious ones would cost you hundreds of Euros for a monthly membership. But if you go for one that's mid-range, it'll only cost you €21.25 to €70.00 for a monthly membership. That doesn't sound too bad, doesn't it?
Childcare & Education Costs
Education is probably the last thing on your mind when it comes to Ibiza. But if you moved here with your family and you want your kids to continue their education, you'll have to invest in their future too! While they're little, you can always get them into a private daycare center to ensure their safety and comfort while you're busy during the day, That'd cost you €200.00 to €400.00 per month, though! And when they grow older, if you want to enroll them into the best international schools in Ibiza
, prepare to shell out €6,500.00 to €17,000.00 per year for their tuition fees!
Visiting Ibiza for fun is one thing, but actually relocating here is a totally different matter that you have to take more seriously. Most especially the living costs you'll have to deal with once you've settled down in this beautiful Balearic island.