Of course it depends on what you compare it to. But compared to its South-Western European sisters, it is quite low. Mainly getting it from living in a bunch of European countries (including Portugal, and others outside of Europe, but not as relevant).
Besides Lisbon (and probably Porto nowadays), it's hard to find a place with good weather, good food and low cost of living compared to Portugal. Or maybe you have some counter-examples you care to show me?
In order to add some facts to the discussion, here are two links showing some comparison between cost of living in different countries in Europe:
- https://www.theglobaleconomy.com/rankings/cost_of_living_wb/...
- https://www.numbeo.com/cost-of-living/rankings_by_country.js...
