European capitals where $2,500 a month makes you feel wealthy

Eight European capitals where $2,500 a month makes you feel wealthy.

Which are the cheap places to retire in Europe?

Four criteria are combined to come to a ranking:

1. The national HDI (Human development index)
2. The cost of livving.
3. Weather (we reward mild winters and sunny summers)
4. Taxes: taxation of foreign income, capital income and wealth taxation.

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Results: The usual suspects: capitals from the less popular break-up republics of Yugoslavia and East-European capitals populate the list. But the Cypriot Nicosia takes the top spot.

Ranking

1. Nicosia (Cyprus)
2. Montenegro (Podgoriça)
3. Northern Macedonia (Skopje)
4. Bucuresti (Romania)
5. Sofia (Bulgaria)
6. Chisinau (Moldovia)
7. Sarajevo (Bosnia)
8. Tirana (Albania)

Real Estate prices in Athens have recovered mainly because of Greek migrant workers returning after retirement and foreign retirees equally attracted by temporary tax benefits. The purchasing power of working Greeks still lags, making real estate less affordable in Athens. The middle class has vanished because of high taxation and wage cuts. Young Greeks with university degrees still leave the country.

Ljubliana, Zagreb and Belgrade hace ceased to be bargains. The same accounts since much longer for Prague, Warsaw, Bratislava and Budapest. There are no affordable capitals in Western Europe. Real estate prices in Lisbon have overtaken those in Rome! Small states Malta and Luxemburg are equally expensive to very expensive.