The new price of a life abroad

In Lisbon, the cost of entering the housing market tells a very different story from the inflation rate. A three-bedroom rental benchmark rose from €1,050 a month in 2010 to €2,450 in 2025: an increase of 133%. Advertised purchase prices in the city rose 159% in the shorter period from December 2015 to December 2025. Housing, on both measures, more than doubled. Rent survey, 2010, rent survey, 2025, Lisbon sale-price history

That distinction changes how a mobile household should compare Lisbon, San Juan, Los Cabos, Medellín, Buenos Aires, Madrid and Bangkok. The question is the price of entering a particular housing market, then paying for the services that make life there work. A national inflation rate alone cannot answer it.

This comparison separates three expenses: the rent a new tenant faces; the capital required to buy; and the continuing bill for restaurants, groceries and services. It seeks a 2010–2025 history in each case. Where the evidence covers fewer years, a larger region or a different property segment, that limitation travels with the number.

What happened to the price of a home?

The chart below assembles the verified purchase-price benchmarks. It is a set of market histories, not a league table: the currencies, property samples and sometimes the dates differ. Los Cabos and Medellín show large increases in local-currency housing indices; Buenos Aires is measured in the US dollars used in its apartment asking-price series. None is a measure of the complete cost of living.

Buying also needs its own budget. A purchase price is the cost of acquiring an asset; it should not be added to a rent-based living-cost index. A buyer separately needs to price financing, transaction costs, insurance, property charges, maintenance and condominium fees. An existing owner with no mortgage can experience a very different monthly cost change from a newcomer buying the same home.

Rent, restaurants and the everyday bill

Lisbon and Madrid have useful published rental benchmarks at both endpoints. The OECD/Eurostat estate-agency surveys cover good or very good unfurnished accommodation in selected residential areas, including suburbs, and exclude charges and utilities. The three-bedroom size bands are consistent within each city across the two surveys, though Lisbon’s 140–160 m² band is larger than Madrid’s 110–130 m² band. These are professional residential-market benchmarks, not luxury listings or a sample of identical homes followed over time.

The everyday figures use specific food and service categories, rather than treating headline CPI as the household’s budget. That preserves useful price evidence without allowing a broad national average to stand in for a new lease. Comparable full-period rents and service histories were not verified for every destination; the individual sections make those gaps explicit.

The address, the school and the lifestyle

The historical comparisons below end in 2025. The neighborhood examples then show the specifications and expenses a high-income household would actually need to price. Their dates matter: many are current 2026 listings or 2026–27 school schedules. They illustrate present spending decisions and are not inputs to the 2010–2025 changes. Photographs show the locations, not the advertised homes.

Lisbon: housing more than doubled

The rental benchmark increased 133%, while Idealista’s city sale-price series rose from €2,379 per m² in December 2015 to €6,159 in December 2025, or 159%. The latter is a ten-year comparison using the revised history available when checked; it is not a fifteen-year transaction-price index. It measures the mix of advertised homes. Idealista: Lisbon purchase-price history

The rent survey’s geography includes areas such as Avenidas Novas, Campo de Ourique, Restelo and Parque Expo, alongside suburban locations including Cascais and Oeiras. Its 133% increase is evidence of a sharply more expensive housing entry point, not a claim that every Lisbon lease rose by the same amount.

For the continuing bill, Portugal’s national restaurant-and-café prices rose 61.6% between the 2010 and 2025 annual averages, grocery food and non-alcoholic drinks 48.6%, and hairdressing and grooming 27.0%. These are category benchmarks; the cost of dining around Príncipe Real or hiring household staff needs its own quotes. Restaurants, groceries, grooming

Where the address changes the budget. Compare Príncipe Real and the Avenida da Liberdade area for central apartment living; Lapa and Estrela for a different residential setting; and Cascais or Estoril for a coastal base outside Lisbon. Families considering the Carlucci American International School should price the journey to its campus in Linhó, Sintra, alongside the home.

Housing benchmark — December 2025. Idealista’s asking-rent measure for Santo António, which covers the Avenida da Liberdade area and part of Príncipe Real, was €27.8 per m² per month. Applied mechanically to 150 m², that is €4,170 a month. This is a size illustration using the area index, not a quotation for a renovated luxury apartment; terraces, parking, lifts and building quality need separate comparison. Idealista: Santo António rental history

Schooling — 2026–27. CAISL lists €23,532 a year for Grades 9–12, plus a €1,953 annual building fee during the first five applicable years. Published optional charges include €3,632 for a return school bus and €1,212 for lunch. Those four items total €30,329 per child, before the €600 initial registration fee. An affluent family’s school decision can therefore rival a substantial share of its housing bill. CAISL: published school fees

San Juan: the coastal address needs its own evidence

The available long-run purchase benchmark is territorial. FHFA’s Puerto Rico purchase-only index rose 28.7% between the annual averages of 2010 and 2025. This developmental, mortgage-based single-family series covers Puerto Rico; it does not establish the change in San Juan condos, Condado beachfront homes or cash purchases. Its modest increase cannot be used to dismiss a much larger change in a particular coastal market. FHFA: Puerto Rico historical index

Puerto Rico’s own category indices give a more useful view of recurring expenses than its headline inflation rate: food away from home rose 46.0%, personal-care services 52.2% and household services 55.4% over the same annual-average comparison. They remain territorial averages, rather than a San Juan premium-service survey. A full-period new-lease series for the neighborhoods discussed here was not verified. DTRH: historical category tables

Choose the metropolitan area precisely. Condado and Ocean Park are the urban beachfront comparison. Guaynabo is a separate municipality for a suburban search; Dorado is farther west and should be evaluated as its own residential and school ecosystem, rather than described as a San Juan neighbourhood.

Beachfront housing — October 2026 listing check. RE/MAX advertised a three-bedroom, 2.5-bath apartment at Carrion Court Playa for US$8,900 a month—US$106,800 a year before separately payable costs. The advertised building amenities include a pool, gym, security, full backup generator and water cistern. These services are part of what a premium buyer or tenant is comparing. They do not establish a typical Condado rent. RE/MAX: Carrion Court Playa rental

The costs behind the view. For a lease, obtain the allocation of condominium charges, electricity, generator fuel and maintenance in writing. For ownership, add property-specific insurance and potential building assessments. School fees and health insurance require household-specific quotations. The building’s service standard and the allocation of running costs need to be priced alongside the rent.

Los Cabos: a large housing increase, before the resort premium

SHF’s Los Cabos municipality home-price index rose 250.7% in Mexican pesos between the 2010 and 2025 annual averages—approximately 3.51 times the starting level. This is direct residential-property evidence, far beyond a general consumer-price comparison. The calculation uses the current historical series in SHF’s second-quarter 2026 workbook. SHF: municipal housing-price history

The sample comes from mortgage-linked property valuations. It cannot be read as the price history of cash-financed, dollar-quoted villas in Palmilla or a particular private resort. Nor does a 251% peso increase mean a 251% increase for a dollar-funded buyer. Comparable fifteen-year rents, restaurant prices and club charges for the resort corridor were not verified; the published examples below show the level and structure of those bills today.

One destination, several luxury markets. Compare Pedregal and the Cabo San Lucas side with Palmilla and the San José corridor; then assess Puerto Los Cabos or Querencia against the particular golf, beach and club access required. A home’s postal address does not automatically confer membership or every resort privilege.

Residential examples — October 2026 listing check. Baja Investments’ rental portfolio advertised Palmilla Dunes Villa Luna, four bedrooms, at US$8,000 a month, and Palmilla Dunes Loft 6, four bedrooms, at US$9,500 a month. The agency markets its long-term portfolio on one-year contracts; availability is property-specific. Its three-bedroom Palmilla Dunes penthouse listing explicitly includes club access, illustrating why the included amenities need to be checked for each home. Baja Investments: Palmilla Dunes rentals

Golf — published 2026–27 seasons. Puerto Los Cabos lists US$395 for a high-season morning round, against US$280 in low season. Its public-rate package includes 18 holes, cart, range balls and food and beverages during the round. Four high-season morning rounds for one player would cost US$1,580 at the single-round rate, before any extras or discounts. This is a usable leisure budget, distinct from a private club’s initiation fee and dues. Questro Golf: Puerto Los Cabos public rates

Medellín: new-home prices more than quadrupled in pesos

Banco de la República’s Medellín new-home index, based on La Galería Inmobiliaria data, rose approximately 313.6% between the 2010 and 2025 annual averages. That is about 4.14 times the starting level in Colombian pesos. The calculation uses one current historical vintage, including the provider’s revised geographic coverage. Banco de la República: IPVNBR series, Medellín

This is a new-home price history. It does not measure furnished monthly rentals, existing-home transactions or the dollar cost of living around Provenza. Exchange rates can change what a foreign earner experiences, but national CPI translated into dollars is not a substitute for the housing index—or for an actual dollar-quoted lease. Matched 2010–2025 furnished-rent and premium-service histories were not verified.

The useful comparison is within El Poblado. Separate the Provenza and Parque Lleras dining-and-nightlife area from a search around El Tesoro and Los Balsos. Add Laureles if a different urban setting appeals. Envigado is a separate municipality and merits its own school and commuting calculation. Test the actual street at night and the school journey at the relevant hour.

Furnished housing — dated advertised examples. Casacol listed Castilla 701 in its Lleras/Provenza collection, three bedrooms and 122 m², at US$1,950 a month when checked in October 2026. At the larger end, Own Medellín’s September 2026 Casacol portfolio showed Bosques del Tesoro 905, three bedrooms and 330 m², from US$6,000 a month. These are different properties and specifications, not a measured neighbourhood premium. Casacol: Lleras and Provenza monthly rentals; Own Medellín: Casacol penthouse portfolio

Specify the payment currency. Both examples are advertised in dollars. A local-currency price index or exchange-rate movement cannot simply be applied to a dollar-quoted furnished lease. Obtain the actual payment currency, utility allowance, cleaning schedule, internet specification and deposit terms; then quote the school, driver and private healthcare arrangements separately.

Buenos Aires: apartments tell a dollar-price story

Buenos Aires can be compared on property without forcing an unreliable fifteen-year consumer-price splice. UADE’s northern-district apartment asking-price indices, based at 100 in 2010, reached 157.5 for used apartments and 171.5 for new apartments in December 2025: increases of 57.5% and 71.5% in US dollars. The districts are Recoleta, Palermo, Belgrano and Núñez. The published starting point is the 2010 index base, not a December 2010 quote. UADE: December 2025 property report

The same report put used apartments in those northern districts at US$3,250 per m², compared with US$2,250 for the city-wide sample. That gap matters to the residential search. These are asking prices, not completed transactions, and they say nothing directly about peso-denominated restaurant bills, schooling or expensas. A verified full-period rental and service comparison for an affluent household remains unavailable in this research.

Start with the type of home. Recoleta and Palermo Chico provide one central-city search; Puerto Madero provides a different waterfront-tower comparison. Belgrano and Núñez belong on a family shortlist. Olivos and the northern suburbs are outside the city proper; a school there can change the sensible residential radius.

Housing — live October 2026 quotation. Toribio Achával’s own property page listed a three-bedroom Recoleta apartment on Pacheco de Melo at US$3,300 a month, with 174.47 m² total area. Treat building charges—expensas—and other expenses separately until a written offer identifies what is included. The dollar rent and peso-denominated running costs can change on different schedules. Toribio Achával: Pacheco de Melo 2000 rental

Schooling shows why the month matters. In a circular issued in November 2025, St Andrew’s Scots School set its Y7–Y9 fee at ARS 2,395,510 for March 2026 and ARS 2,616,690 for April, with a separate ARS 2,395,510 enrolment charge. Those are dated monthly fees, not annual tuition or an October 2026 price. Multiplying one month by twelve would create a false annual quotation. St Andrew’s Scots School: 2026 fee circular

Madrid: rent, purchase and groceries moved differently

Madrid’s advertised sale price rose from €3,669 per m² in December 2010 to €6,469 in December 2025, an increase of 76.3%. The OECD/Eurostat three-bedroom rental benchmark rose from €1,550 to €2,400 a month, or 54.8%, across its selected residential areas. These are different samples and measures, but each captures housing more directly than headline inflation. Idealista: Madrid purchase-price history, 2010 rent survey, 2025 rent survey

Spain’s national restaurant-and-café category rose 40.4%, grocery food and non-alcoholic drinks 56.3%, and hairdressing and grooming 32.7% between the 2010 and 2025 annual averages. Groceries outpaced this rental benchmark; the purchase-price series rose more than either. The experience at an individual Salamanca address can still differ substantially. Restaurants, groceries, grooming

A city apartment and a school-led suburban base are different decisions. Compare Recoletos and Castellana within Salamanca, Jerónimos beside the Retiro area, and Chamberí for central living. La Moraleja, in Alcobendas, and Pozuelo are separate municipalities; include transport when comparing a larger house with a central apartment.

Housing — December 2025. Idealista recorded €26.9 per m² per month in Salamanca district. A simple 150 m² illustration therefore comes to €4,035 a month, before property-specific premiums. It is an area asking-price calculation, not a quote for a luxury flat. Idealista: Salamanca district rental history

School and dining. International College Spain in La Moraleja charged €8,545 per term for Grades 11–12 in 2025–26, or €25,635 across three terms, before educational materials and other applicable charges. For a discretionary comparison, DiverXO’s menu was €450 per person, VAT included and drinks excluded, when checked in October 2026: €900 for two before drinks. Two children’s education and a regular fine-dining habit belong explicitly in the budget. International College Spain: school fees; DiverXO: booking terms and menu price

Bangkok: condos nearly doubled against a 2011 base

Bank of Thailand’s condominium index for Bangkok and vicinity reached 198.6 in its published 2025 annual series against a 2011 base of 100—an increase of 98.6%. That is a shorter history than the requested 2010–2025 window, and it is marked accordingly. It provides a much more relevant housing measure than Thailand’s national consumer-price average. Bank of Thailand: residential property indices

The index uses mortgage records and hedonic adjustment, with coverage expanded to include additional specialized financial institutions in 2023. It is not a prime-condo, foreign-buyer or Thong Lo rent index. Matched fifteen-year rental and premium restaurant/service histories were not verified. A household’s condo, school and healthcare choices therefore remain separate decisions, illustrated below.

The school run can determine the neighbourhood. Thong Lo and Phrom Phong are a natural comparison for a Sukhumvit apartment; Sathorn offers another central base. Families considering International School Bangkok should compare living near its Nichada Thani campus in Nonthaburi, outside Bangkok proper, with commuting from the centre.

Housing — October 2026. Bangkok Condo Rentals advertised BCR1519 in Thonglor: three bedrooms, 190 m², THB 92,000 a month, with a minimum 12-month contract. That gives a specific size and lease duration against which to compare newer or serviced buildings. Bangkok Condo Rentals: Thonglor BCR1519

Schooling — 2025–26. ISB listed THB 1,162,000 annual tuition for Grades 9–12, plus a THB 260,000 first-year registration fee, THB 22,000 annual fee, application fee and nominal association membership. Published return-bus charges ranged from THB 108,000 to 172,800 a year by distance. Tuition alone for two high-school children was THB 2,324,000. International School Bangkok: fee schedule

Private healthcare — February 2026 price guide. Bumrungrad quoted THB 16,300–20,700 for its Executive check-up and THB 39,500–44,300 for Comprehensive Advance. These are provider package prices, not recommendations for particular tests, insurance premiums or the cost of treatment after a diagnosis. Bumrungrad: published check-up prices

Does the whole Lisbon budget double?

Housing more than doubled in the verified Lisbon benchmarks. Whether the entire household bill doubled depends on the original spending mix. The answer cannot be recovered by adding property appreciation to headline CPI.

A deliberately narrow sensitivity illustrates the difference. Keep the quantities fixed in four categories—rent, restaurants, groceries and grooming. Allocate the non-rent portion 50% to restaurants, 30% to groceries and 20% to grooming. Using the observed changes above, the resulting increase is 83.8% if rent was 40% of the 2010 basket, 92.1% if it was 50%, and 100.3% if it was 60%. Those shares describe the starting budget, not the 2025 budget.

This is an illustration, not a measured high-income cost-of-living index. It excludes utilities, transport, schools, healthcare, insurance, domestic staff, travel and other spending. It shows how a housing-heavy budget could double, while avoiding an unsupported claim that every Lisbon household faced that increase.

The cost of buying back time

For a high-income household, the decisive expenses often purchase space, convenience and reliability: a home near the school, dependable power and water, domestic help, private care and access to the activities that make a place worth living in. The comparison should specify that life before calculating its cost.

A tenant needs a monthly operating budget for the home and its services, plus a separate arrival budget for deposits, furnishing, relocation and school admission charges. A buyer also needs an acquisition budget and an ownership budget. Mortgage principal builds equity; interest and ongoing ownership expenses affect the continuing bill. Annual school or club fees divided by twelve are a monthly saving requirement, not necessarily the provider’s payment schedule.

The housing evidence materially changes the picture: Lisbon’s rental benchmark more than doubled; Los Cabos and Medellín recorded large local-currency property increases; and Bangkok’s condo index nearly doubled against its later base. The gaps are equally consequential. A territorial index cannot price Condado, and a single luxury listing cannot establish fifteen years of inflation. The useful comparison is the cost of entering and maintaining a specified life, at the address and service standard the household actually intends to choose.

Method: All changes are nominal, not inflation-adjusted. The calculation is (ending price or index ÷ starting price or index − 1) × 100. FHFA and SHF use averages of the four quarters in each endpoint year; Medellín and the European everyday-price categories use averages of twelve monthly observations; Puerto Rico services use twelve-month averages. Idealista uses December observations. OECD/Eurostat rents are the published 2010 and 2025 survey benchmarks. UADE uses its published 2010-base index and December 2025 value. Bangkok uses the 2011=100 base and the bank’s published 2025 annual index. Source revisions, sample definitions and period differences are retained rather than concealed. No common seven-destination luxury index, full household inflation rate or US-dollar conversion of local-currency series is estimated. Research checked 27 October 2026.

Premium-cost notes: the dated examples are asking prices and provider schedules, subject to availability, eligibility, contract terms and revision. Current 2026 costs are not treated as 2025 observations. No neighborhood inflation rate is inferred from a single listing. Photographs are archival illustrations of the destinations and do not depict the properties advertised in the text.

Cover photograph: Lisbon and the Tagus at sunset, seen from Alfama. milos milosevic, 2012; source photograph, CC BY 3.0.