Unfortunately, living on the beautiful island of Ibiza comes with a price tag. And before you make a big decision about moving to the island full time or investing here, you should be aware of the cost of living and in which area’s you will be charged more than the national average. That’s not to say that there aren’t cheaper options available – but it’s best to be aware some more costly things that might seem small – but soon add up… because if you look after your cents, you euros will look after themselves.
Due to it’s beautiful weather, relaxed vibe and friendly cosmopolitan mix of people – Ibiza is a very popular place to re-locate or own a holiday home. In December of 2016, the municipality of Ibiza was confirmed as one of the most expensive in Spain in terms of the price of used houses, with 3,719 euro/m². However, comparatively residents of the island to do not report higher salaries, as they perhaps be offered in their big-city-counterparts, Madrid and Barcelona (the two other most expensive zones on the list). For those who can earn more working in the hospitality industry in Ibiza, than any other part of Spain – they often do not secure all year round contracts – meaning there exists a discrepancy between wages and rent/mortgage payments. Check out our article, The prices of existing Ibiza houses have increased – to find out more.
Notorious through-out the world for it’s unfavourably high club entry and drinks prices, the island of Ibiza has a reputation for catering to tourists. This doesn’t mean there aren’t alternatives, deals for residents and options that are not so expensive or that going out (i.e. in the winter you will not be charged as much) but be aware, that especially during the high season, a night out in a club or restaurant is likely to leave you digging deep into your pockets. You can find some more economical alternatives if you search a little bit harder, for example check out this article 3 Great Places to Eat in Ibiza for Under 10€.
While public transport improves dramatically during the summer months, with more buses being laid on across the island. It’s important to note that Ibiza is not a big place; no train, tram nor metro system exists here, and during the winter months there are much fewer bus routes and the ones that keep running, run with considerably less frequency. So what are your options in terms of transport? Well, you can buy a car – but expect to pay much more than you would on the mainland and especially comparably to if you’re coming from a country like UK – where cars a relatively much cheaper, due to different taxation laws. If you can walk to most places you need to get to, and only occasionally need to travel by car – you could order a taxi. But catching a cab in Ibiza is very expensive, and uber and other similar alternative services have been outlawed on the island – so a licensed cab might be your last resort. Check out this article 3 Greener Ways to Get Around Ibiza for some economical alternatives.