N747EX,
A 3/4 bed villa is still a possibility on the FO allowance (I have one bang on the money), but it all depends where you want to live. If you can be flexible about the areas you are prepared to live in, you can still find a half-decent place for the budget. However, rentals are increasing fairly rapidly as a result of rampant greed and the more popular areas are probably priced more in line with the indications given by LNAV. Don't lose all hope though.
Search this thread and some of the expat forums elsewhere on the web, and they will give you a pretty accurate range of where your living expenses are likely to be.