3 Places To Retire in the Mediterranean for $3,000 or Less a Month

If the beauty of the Mediterranean is calling your name during retirement, moving to a dream-like location might be in order. Not only is the Mediterranean beautiful, but it’s home to many towns where the cost of living sits below $3,000 per month.

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Malta Crete Palma de Mallorca

This guide explores of the best places to retire in the Mediterranean for less than $3,000 per month.

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Malta

Malta sits in the central Mediterranean, between North Africa and Sicily. The mild climate and stunning scenery could make a jaw-dropping place to retire, especially when you consider you’ll be enjoying island living for less than $3,000 per month.

With three UNESCO World Heritage sites and membership in the European Union, this former British protectorate could offer an idyllic retirement.

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According to International Living, some popular cities and towns within Malta include:

Mellieħa: Mellieħa sits on the north end of Malta. Although smaller, it’s still home to around 6,000 residents. From the limestone church that serves as the town’s focal point, you’ll enjoy ocean views for miles. Expect to spend around $950 to $1,000 on renting a two-bedroom, two-bathroom apartment.
Marsakxlookk: Marsaxlokks is on the south side of the island. It’s home to around 4,000 residents, but tourists flock here. For locals, weekdays offer a quiet reprieve from the bustle of day-trippers. Plan on spending $900 to $1,000 on a furnished two-bedroom.
Gozo: Gozo is more out of the way in Malta, offering a more rural option for those seeking a local experience. It’s a separate island to the north of Malta, with two-bedroom apartments renting for around $900 to $1,000 per month.

Crete

Situated in the eastern Mediterranean Sea, Crete is the largest island in Greece. The diverse island offers beachside relaxation, mountainside retreats and seemingly endless groves of olive trees. The relatively large size of the island leads to plenty of affordable housing options and lots to do during your retirement years.

Some of the popular places to live in Crete include:

Heraklion: In this seaside city, you’ll find three-bedroom apartments for between $725 and $850, according to Numbeo. As the island’s capital, the major ports and airport sit here. You won’t find the best beaches on the island in this city. But Heraklion dwellers have easier access to necessary amenities.
Chania: Chania costs tend a bit higher than those in Heraklion, with a three-bedroom renting for between $885 to $1,000, according to Numbeo. It’s home to around 110,000 people with plenty of tourists in the mix.
Outside the cities: Crete offers beautiful rural areas. Generally, these areas are more affordable than the cities. But accommodations might lack the amenities you are accustomed to.

Palma de Mallorca

For those seeking a more centrally located island living option, Palma de Mallorca sits just south of Spain’s Mediterranean coast. Sometimes called Palma de Majorca, this beautiful island offers a retirement dream come true.

Palma is the most popular place to live on the island. As the island’s largest city and home to over 400,000 residents, many put down roots here. Although you might need to stick with a one-bedroom to keep rent between $850 to $1,100, a smaller space might suit your retirement needs, according to Numbeo. Staying in the city gives you easy access to the island’s healthcare system and other amenities.

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