Living Expenses in Mallorca: A Comparison with Scandinavian Countries

Is living in Mallorca expensive? How does it compare to living in Scandinavian countries? What are the costs of essentials like food, utilities, fuel, and clothing in Mallorca? How much money should you budget for relocation and daily expenses in Mallorca? Find out the latest prices for cigarettes, beer, alcohol, and groceries in Mallorca for 2024.

Mallorca remains a top choice for European holidaymakers, tourists, and property investors, including residents from Scandinavian nations like Sweden, Denmark, Norway, and Finland. As concerns about pricing and the overall cost of living in Mallorca persist, Yes! Mallorca Property’s experts have compiled a comprehensive article detailing expenses by category for easy reference.

Contents: 

Why Choose Majorca?

Comparing Cost of Living: Mallorca vs. Scandinavian Countries

1.    Food and lifestyle products

2.    Transport costs

3.    Housing maintenance costs

4.    Childcare

5.    Clothing And Shoes

6.    Cost of renting accommodation

7.    Price per square meter of housing

8.    Medicine

How much does electricity cost in Mallorca?

When is the cheapest electricity in Mallorca?

Electricity price in Mallorca by hour for 2024

Petrol Prices in Mallorca

Salaries And Financing

Moving to Mallorca: Calculating One-Time Costs

The Cost of Living in Mallorca for 3 Months

Mallorca or the Nordic Countries - Which is More Affordable?

Why Choose Majorca?

Majorca, the capital island of the Balearic Islands, stands out as a top destination for expat property buyers within Spain's autonomous regions.

As of 2023, the Balearic Islands boast a population of 1,176,000, with indigenous Majorcan inhabitants comprising 55.99%. Notably, 20.2% of residents hail from other Spanish autonomies, while 23.8% are registered expats.

In recent years, property purchases in Majorca by Scandinavian nationals have become increasingly common despite only around 3000 permanent Scandinavian residents on the island. 

The number of Swedes buying houses in Mallorca has increased by 80% in last 10, and Mallorca has become the main location for Swedes to buy a house abroad. Additionally, Swedes have been coming to Mallorca since the late 1950s, and the island is very attractive to the Swedish market for several reasons. 

This trend reflects the preference of citizens from Denmark, Finland, Sweden, and Norway to own summer residences in Majorca while maintaining permanent residency in their home countries.

For many Scandinavian buyers, understanding the cost of living in Majorca is crucial. With rising inflation and energy costs, there's a growing interest in comparing the affordability of living in Majorca versus countries like Norway, Denmark, Sweden, and Finland.

In this article, we address common questions regarding the cost of living in Majorca, including:

1. Is living in Majorca expensive?

2. What's the cost of relocating to Majorca?

3. How does Majorca's cost of living compare to Nordic countries?

4. What are the electricity costs in Majorca?

5. What are petrol prices in Majorca?

6. Insights into the cost of living in Majorca for 2024.

7. Budgeting for a three-month stay in Majorca.

Comparing Cost of Living: Mallorca vs. Scandinavian Countries: Norway, Sweden, Denmark, Finland 

To gauge the affordability of living in Mallorca versus Scandinavian countries, comparing daily expenses is essential. Majorca, being an island, maintains consistent pricing across its entirety for basic necessities. In contrast, living costs in Scandinavian countries like Norway, Denmark, Finland, and Sweden can fluctuate based on the specific city.

For a more precise analysis, we'll compare the cost of living on the island of Mallorca with that of the four Scandinavian capitals: Oslo, Copenhagen, Helsinki, and Stockholm. This comparison will offer valuable insights into the relative affordability and expenses of residing in these locations.

Currency exchange rate: 

Let's look at the comparative prices of living in different categories (according to the analytical portal Numbeo for January 2024):

1.    Food and lifestyle products:

We've considered essential everyday items in our illustrative comparison of consumer goods prices. Analyzing the comprehensive report from the Numbeo portal as of January 2024, we've drawn insights into the difference in consumer prices between Mallorca, Madrid, and Barcelona. Here's a breakdown:

• Food prices in Mallorca are 49.5% lower than in Oslo, Norway.

• Food prices in Mallorca are 32.08% lower than in Copenhagen, Denmark.

• Food prices in Mallorca are 40.5% lower than in Helsinki, Finland.

• Food prices in Mallorca are 30.8% lower than in Stockholm, Sweden.

Mallorca's food prices are average 38.2% lower than the Scandinavian average. This information provides a practical perspective for those considering the cost of living in Mallorca compared to Nordic cities.

2.    Transport costs: 

The table shows that the cost of public transport in Mallorca is not significantly different from that in Scandinavian countries. However, it's worth noting that prices in Denmark, Norway, Sweden, and Finland are marginally higher than the standard fares in Mallorca. This information provides valuable insights for individuals considering transportation options in Mallorca compared to Nordic countries.

Discover in this article why taxis in Mallorca are considered one of the most convenient modes of transportation for expatriates: Mallorca Taxi Tips: What You Need to Know Before You Go

3.    Housing maintenance costs

The electricity costs in Mallorca are on par with the average costs in Scandinavian countries. 

However, it's essential to recognize Mallorca as an advanced autonomous region of Spain, actively embracing alternative energy sources like solar panels. Additionally, it's crucial to note that the average electricity costs are uniform across all property types. Given Mallorca's abundance of large luxury villas with higher consumption rates compared to modest apartments in Denmark or Finland, the overall electricity expenses tend to be lower in Mallorca for similar property types when considering these factors. 

4.    Childcare 

As we can see, the cost of preschool education in Mallorca is slightly higher compared to the Scandinavian capitals. Over the past year, this expense has increased by approximately 1.5 times due to the surging demand for education fueled by the growing number of individuals seeking permanent residency in Mallorca.

Tuition fees at public schools in Mallorca are marginally higher, influenced by several factors:

1. Mallorca boasts various public schools with various educational systems, including British schools that typically incur higher costs, impacting the overall cost structure.

2. The affluent demographic in Mallorca can better absorb price hikes for private education, allowing educational institutions some leeway in pricing.

3. With Mallorca attracting prominent figures and affluent individuals from around the globe, the private education system on the island caters to their preferences and needs.

However, rest assured that Mallorca offers a wide selection of affordable schools catering to every budget.

For detailed insights into private and public schools in Mallorca, refer to our article: International, public, and private schools in Mallorca to consider in 2024.

5.    Clothing And Shoes

Over the past year, the cost of goods in the clothing category has not significantly increased. The average price of clothing in Mallorca is slightly lower than in Scandinavia.

6.    Cost of renting accommodation

On average, property rental costs in Mallorca are 20% lower than in Oslo. However, the average rental price in Copenhagen is notably higher, with a difference of up to 37.6%. Conversely, the cost of renting a property in Helsinki matches that of Mallorca, which is uncommon for Scandinavian countries where rental prices typically exceed those in Mallorca.

In Stockholm, the average rent is 22.1% higher than in Mallorca. 

Despite Mallorca being considered one of the more 'expensive' regions to live in Spain, renting a home here remains substantially lower than in major Scandinavian cities. This is particularly significant when assessing the overall cost of living, as rental expenses constitute a significant portion of the budget and play a pivotal role in calculating personal inflation rates.

Consumer prices, including rents, are 29.1% lower in Palma de Mallorca compared to Oslo, 33.3% lower compared to Copenhagen, 15.4% lower compared to Helsinki, and 21.6% lower compared to Stockholm.

7.    Price per square meter of housing

Property in Mallorca is often perceived as having high value and limited availability due to demand significantly outweighing supply. 

However, upon closer examination of the data provided in the table depicting price per square meter, it becomes evident that property prices in Mallorca are comparatively lower than those in Stockholm, Oslo, Copenhagen, and Helsinki. Purchasing property in Mallorca can be up to 1.5 - 2 times cheaper than in Scandinavian countries.

For a comprehensive understanding of the current state of the Mallorca property market in 2024 and informed predictions for the future, we recommend delving into our analytical article: "Mallorca Property Prices & Market Report 2023-2024."

8.    Medicine

The insurance industry in Spain, encompassing medical and household insurance, is centrally regulated by specific legislation. 

It's essential to understand that within the European Union, insurance policies obtained in your home country may hold the same validity as those acquired in Spain. For further details, we recommend consulting your insurance provider for clarification.

How much does electricity cost in Mallorca? 

When considering the cost of living in Mallorca, it's important to factor in electricity expenses. Alongside other expenditures, energy consumption costs have become increasingly significant in recent times.

Electricity providers in Mallorca offer various tariff options for consumers:

1. Flat Rate Tariff: Under this tariff, you're billed based on the kilowatt-hours consumed and the power utilized. For instance, one of the primary energy providers in Mallorca, Endesa, offers an example of such a tariff:

2.     Floating Rate Tariff:

This tariff structure involves distinct pricing for electricity consumption during specific hours. One hour of the day is designated at a higher price, while another offers a significant discount. Essentially, this allows you to save costs by utilizing appliances like washing machines or dishwashers during the more economical hours.

• Maximum Rate: €0.2133/kWh, nearly doubling in the last 6 months from €0.10787/kWh.

• Average Rate: €0.1638/kWh. Over the past 6 months, the price has surged by 38%, up from €0.10131/kWh.

• Minimum Rate: €0.11464/kWh. From August 2022 to January 2023, the value increased by 33%, from €0.07664/kWh.

This dynamic tariff model adjusts electricity prices based on peak consumption hours. The energy company identifies the hour when your electricity usage is highest and applies a discount during that period. Conversely, the per-kilowatt price rises during low-consumption hours.

For personalized advice on selecting the most suitable tariff, we recommend contacting your electricity provider for detailed assistance.

When is the cheapest electricity in Mallorca?

If you're keen on practicality and saving money, selecting a variable-rate electricity tariff when investing in a property in Mallorca might be your best bet. But how can you determine when electricity consumption will be most cost-effective for you?

It's straightforward and logical:

Electricity rates in Spain are typically lower during periods of reduced consumption, namely at night.

• Winter Hours: From 22:00 to 12:00

• Summer Hours: From 23:00 to 13:00

During these time frames, a reduced-price tariff is applied, with the cheapest period lasting from 1:00 to 7:00.

Make the most of this opportunity! Schedule your washing machine and dishwasher during these off-peak hours to capitalize on lower electricity prices. By doing so, you can slash your electricity expenses in Mallorca by up to 35%.

Electricity price in Mallorca by hour for 2024

Petrol Prices in Mallorca

For European residents, the expense of fueling cars remains a significant concern. As of January 30, 2024, REPSOL, a prominent chain of petrol stations in Mallorca, offers the following fuel rates:

• Petrol 95: €1.689 per litre. This represents a 3% decrease from the previous rate of €1.739 per liter.

• Diesel A: €1.619 per litre. This marks a 10% decrease from the previous rate of €1.779 per liter.

• Petrol 98: €1.839 per litre. This reflects a 2.7% decrease from the previous rate of €1.889 per liter.

The pricing structure for various fuels at petrol stations in Mallorca mirrors that of other stations across Spain.

Furthermore, patrons can enjoy additional perks, such as a discount ranging from 5 to 10 cents per liter, by utilizing the app at their frequented Mallorca petrol station for refueling. Additionally, some stations offer complimentary car wash services.

Moreover, given Mallorca's status as an island, distances to essential infrastructure are relatively short. This translates to reduced mileage for vehicles and lower fuel consumption overall.

Conclusion:

To sustain an average standard of living, here's the estimated monthly expenditure across select European cities:

1. Copenhagen, Denmark: €5,769 (43,000.0kr)

2. Oslo, Norway: €5,482.3 (62,000.0kr)

3. Stockholm, Sweden: €4,994.4 (56,000.0kr)

4. Helsinki, Finland: €4,600

In comparison, maintaining a similar lifestyle in Mallorca would require approximately €3,953.3 per month.

This sum encompasses both daily expenses and accommodation costs in Mallorca. However, individuals accustomed to higher living expenses may find their total expenditure notably higher.

Salaries And Financing

Many Nordic expats who opt to invest in Mallorca are individuals maintaining their income streams from Norway, Denmark, Sweden, or Finland while residing on the island. This demographic includes freelancers, company executives, business proprietors, designers, and retirees.

Earnings in major Scandinavian cities notably surpass those in Mallorca, yet living expenses are comparatively lower. Consequently, relocating to Mallorca offers a more financially advantageous lifestyle for individuals earning income in Oslo, Helsinki, Copenhagen, Stockholm, or elsewhere in Scandinavia.

Finding Job in Mallora — Top Tips for English & German Speakers

Moving to Mallorca: Calculating One-Time Costs

Transitioning to Mallorca involves considering the ongoing cost of living and the initial expenses associated with relocation. While living expenses on the island are generally lower than in Scandinavian countries, it's crucial to anticipate one-time relocation costs before moving.

To assist you in planning your transition to Mallorca, we've compiled a guide outlining potential one-time expenses you may encounter when moving to the island.

One-off costs for traveling to Mallorca from Scandinavian countries:

Review the list of expenses carefully and determine which ones are essential for your relocation and which you can potentially avoid. Then, add €4,275 to cover monthly living expenses for one person in Mallorca. If you're relocating with your family, rest assured that the rent won't increase, and your average monthly payments will decrease by 1.5 to 2 times. However, if you're moving with a family comprising multiple members, anticipate that some of the one-time moving costs will increase proportionally based on the number of family members. 

Example of how to calculate the amount to move from Denmark to Mallorca

Calculated for a family of 2 adults:

Note: When considering renting a property in Mallorca, it's advisable to have savings equivalent to one year's rent. Landlords may request "bank guarantees" as proof of sufficient funds for a long-term lease. Therefore, the rental amount is multiplied by 12 months in the calculations. However, the required amount may be less if you plan to rent the property for 3 months.

You should have €17,540 readily available for a smooth transition to Mallorca. Additionally, you'll need to allocate €3,400, minus one month's rent, amounting to an additional €2,260 per person.

Therefore, to comfortably relocate to Mallorca and settle into local life, it's recommended to have a cash reserve of €22,060 for a family of two adults. This amount will cover a year's rent and everyday expenses for 2-3 months.

The Cost of Living in Mallorca for 3 Months

Mallorca stands out as a premier holiday destination in Europe, attracting many European residents who eventually become property owners on the island. Most acquire property as a secondary residence, maintaining their primary homes in countries like Denmark, Sweden, Finland, or Norway, while visiting Mallorca for extended holiday periods or a change of scenery.

Property owners in Mallorca typically spend time on the island during summer and winter. During the summer, living expenses revolve around groceries, vehicle fuel, and dining out. The minimum monthly expense averages between €550 and €600 for those with their own accommodation. However, if renting a property during the summer, expect to pay a minimum of €1,500 per month.

Winter holidays in Mallorca offer discounted rental rates, with properties available for €800 to €1,000 per month during the off-season. These rentals usually include studio flats or apartments with a living area of up to 50 m². Additionally, during winter, many grocery stores, petrol stations, and restaurants reduce prices by 10% to 15%, resulting in monthly accommodation costs of €500 to €550 per person.

Note:Monthly expenses vary depending on your accustomed standard of living and essential needs. The calculation considers standard grocery purchases, dining out once a week, and moderate fuel consumption for your vehicle.

Mallorca or the Nordic Countries - Which is More Affordable?

Comparison of key indices by Numbeo portal in early 2024:

Mallorca, Spain vs. Oslo, Norway

1. Consumer prices in Palma de Mallorca are 32.4% lower than in Oslo (excluding rents).

2. Consumer prices, including rents, are 29.1% lower in Palma de Mallorca than in Oslo.

3. Rental prices in Palma de Mallorca are 20.1% lower than in Oslo.

4. Restaurant prices in Palma de Mallorca are 34.7% lower than in Oslo.

5. Food prices in Palma de Mallorca are 40.5% lower than in Oslo.

Mallorca, Spain vs. Copenhagen, Denmark

1. Consumer prices in Palma de Mallorca are 31.2% lower than in Copenhagen (excluding rent).

2. Consumer prices, including rents, are 33.3% lower in Palma de Mallorca than in Copenhagen.

3. Rental prices in Palma de Mallorca are 37.6% lower than in Copenhagen.

4. Restaurant prices in Palma de Mallorca are 44.0% lower than in Copenhagen.

5. Food prices in Palma de Mallorca are 29.0% lower than in Copenhagen.

Mallorca, Spain vs. Helsinki, Finland:

1. Consumer prices in Palma de Mallorca are 21.5% lower than in Helsinki (excluding rent).

2. In Palma de Mallorca, consumer prices, including rents, are 15.4% lower than in Helsinki.

3. Rental prices in Palma de Mallorca are 2.5% higher than in Helsinki.

4. Restaurant prices in Palma de Mallorca are 30.4% lower than in Helsinki.

5. Food prices in Palma de Mallorca are 26.4% lower than in Helsinki.

Mallorca, Spain vs. Stockholm, Sweden

1. Consumer prices in Palma de Mallorca are 21.3% lower than in Stockholm (excluding rent).

2. Consumer prices, including rents, are 21.6% lower in Palma de Mallorca than in Stockholm.

3. Rental prices in Palma de Mallorca are 22.3% lower than in Stockholm.

4. Restaurant prices in Palma de Mallorca are 21.3% lower than in Stockholm.

5. Food prices in Palma de Mallorca are 27.0% lower than in Stockholm.

Suppose you prioritize living in a healthy climate, consuming high-quality organic food, and enjoying a long life without straining your budget. In that case, relocating to Mallorca is your ideal choice.

Living in Mallorca offers significant advantages over Stockholm, Oslo, Copenhagen, and Helsinki. Whether you're looking to buy or rent property in Mallorca, Yes! Mallorca Property is your trusted real estate partner.

Our expert team has extensive knowledge of the island and its properties, ensuring a seamless experience in finding your ideal home. With Yes! Mallorca Property, you gain access to exclusive offers for urgent property sales and exceptional customer service, as reflected in our high Google rating of 4.8.

Contact us today to explore your options for buying or selling property in Mallorca. Our dedicated professionals are ready to assist you promptly and reliably.

For a detailed comparison of living costs in Mallorca versus Germany, check out our article in German: "Lebenshaltungskosten auf Mallorca 2022. Wo ist das Leben günstiger - Mallorca oder Deutschland: Übersicht und Preisvergleich."

To learn about the cost of living in Mallorca compared to the UK, read our English article: "Is it cheaper to live in Mallorca, Spain, or the UK - 2023 prices comparison."

For insights into living expenses in Mallorca versus mainland Spain, refer to our Spanish article: "Precios en Mallorca vs. Península: ¿Cuánto cuesta vivir en la Isla?"