Greece, with its rich cultural heritage and stunning landscapes, is an attractive destination for people looking to relocate or enjoy a holiday. Whether you’re considering a relocation to this Southern European country or simply visiting on vacation, it’s important to consider the cost of living in Greece before arriving.
This guide will provide an overview of the cost of living in Greece as well as some quality-of-life information, so that you can make an informed decision about your budgeting needs. We’ll cover the price of common goods and services, taxes, rental costs, dining expenses and more. Additionally, we’ll discuss industries and job prospects and average salaries, so that you can get a better understanding of employment opportunities in Greece. We’ll also look at quality-of-life requirements such as healthcare availability and education options; plus shopping opportunities and entertainment choices. We will further review housing situations, public transport systems, climate conditions and retirement prospects.
Whether you’re planning on relocating permanently or just taking a short visit, learning all about the cost of living in Greece is essential for making sure your trip goes off without any surprises! You may find that certain items are more costly than anticipated while others could be cheaper than expected. But rest assured, with this guide by your side, you can be confident knowing exactly what kind of financial commitment awaits you ahead!
Evaluating the Cost of Living in Greece
Greece is a popular destination for those looking to settle down and start anew. Whether you’re seeking a new career, starting a family or just wanting more sunshine and beautiful beaches, there are plenty of reasons why you should consider moving to this peninsular and mountainous country. But what about the cost? Whilst living in Greece may be cheaper than other European countries, it still has its expenses that you need to consider when budgeting for your move.
Costs of Common Goods and Services in Greece
The prices for basic goods, such as food, vary depending on where you shop. Supermarkets tend to have cheaper prices than local stores, but may lack variety. Generally speaking though, groceries including bread, fruits and vegetables will cost around €20-€30 per week for one person. Dining out isn’t too expensive either; dinner at an inexpensive restaurant can range from €6-€15 per meal with drinks costing around €2-€5 each time. Utilities such as electricity tend to be fairly cheap with some bills only costing around €20-€30 per month, whilst mobile phone plans can go up to roughly €10/month (depending on your usage).
Monthly Living Costs in Greece
Monthly living costs are greatly influenced by lifestyle choices. However, they are generally close to, or even slightly below the average in comparison to other EU countries. This allows Greeks to enjoy relative financial freedom despite their lower wages. Consequently, an individual could comfortably spend between €700 and €1700 per month, with the primary factor being rent costs, which constitute the majority of expenses, if not covered by employers or savings (refer to the Renting section below). Other essential monthly expenditures include public transport tickets (approximately €30/month), health insurance (starting at €15/month), and internet connection (around €25/month).
Taxes in Greece
Taxes in Europe are generally standardized, which means there shouldn’t be significant differences when comparing countries such as Germany and Greece. Both countries have income tax rates ranging from 0% to 45% (depending on the income bracket), as well as various VAT rates that average around 23%. However, when renting property, additional municipal tax fees may be applied to the rent amount, so it’s crucial to check these before signing any contracts.
Renting In Greece
Renting is often the most significant expense for expats relocating abroad. Fortunately, rental costs in Greece remain relatively low compared to neighboring EU countries, making it a highly attractive option. The monthly rent varies greatly depending on the location within cities, as well as the size and condition of the property. Typically, the prices range from €350 to over €1000 per month for flats and houses, respectively. Furnished apartments usually come at slightly higher rates due to their added convenience.
It is also worth noting that real estate markets outside major cities and islands tend to offer better value for money. Therefore, if you are on a budget, considering these locations might prove to be advantageous.
Eating Out in Greece
Greece is known for its delicious cuisine, and it’s no wonder that eating out is a popular pastime there. The cost of dining out can vary depending on where you go and what you order. Generally speaking, a meal at an inexpensive restaurant will cost around €10-€15 per person while a three-course meal for two at a mid-range restaurant will set you back about €40.
If you prefer to cook your own meals, groceries are reasonably priced in Greece. A liter of milk costs approximately €1 while a loaf of bread costs around €0.90.
Industries and Jobs in Greece
Over the years, the Greek economy has experienced significant transformations with industries such as tourism, shipping, and agriculture emerging as major players. Tourism, in particular, has become one of the largest contributors to the nation’s GDP, accounting for roughly 20% of total employment.
Besides these sectors, there are also opportunities in fields such as technology (especially software development), education, healthcare and finance.
Average Salaries in Greece
The average monthly salary after taxes for a full-time worker is approximately €900, as reported by Numbeo. It is important to note that this figure varies depending on the industry, with tech jobs generally offering higher pay than hospitality positions. Although these salaries may appear low compared to countries like Germany or France, it’s essential to take into account the significantly lower cost of living in Greece.
Retirement in Greece
If you’re considering retiring abroad, Greece presents some fantastic choices, especially if you’re a sun-lover! Whether you prefer to reside near pristine beaches or settle in an inland area surrounded by majestic mountains, Greece has something for everyone.
To retire comfortably in this beautiful country, you would need savings between USD $500,000 and USD $700,000 or an annual income of approximately USD $40,000 to USD $50,000. The cost of living in Greece is relatively low compared to other European countries, allowing your money to stretch further.
Additionally, healthcare costs in Greece are significantly lower than in other parts of Europe. Therefore, if you’re looking to maximize your savings while enjoying a fulfilling retirement, Greece could be the perfect destination for you!
Quality of Life in Greece
Greece offers a unique blend of history, culture and natural beauty. As you consider making the move to this Mediterranean paradise in 2023, it’s essential to understand the quality of life you can expect when living in Greece.
Healthcare in Greece
The healthcare system in Greece comprises both public and private sectors, providing a range of options for residents. Public healthcare, which is either free or available at a low cost, is accessible to all residents, including expatriates who possess valid social security coverage. Nonetheless, numerous expats opt for private healthcare due to its shorter waiting times and higher standards of care.
Private insurance premiums can vary depending on the extent of coverage, but comprehensive plans typically start at around €1,200 per year. Over the past few years, Greek hospitals have experienced significant improvements in terms of medical equipment and facilities. Despite this progress, rural areas may still face challenges in accessing healthcare services compared to urban centers such as Athens or Thessaloniki.
Shopping and Entertainment in Greece
Greece offers an extensive variety of shopping options, from lively markets selling fresh produce at around €1-€2 per kilogram, to traditional stores and upscale retail outlets featuring international brands with clothing items typically priced between €30-€100. In general, prices are lower than in Western European countries, but slightly higher than in other Balkan nations.
As for entertainment, Greeks have a passion for going out, whether it involves dining at tavernas with mouthwatering local cuisine (at an average cost of €10-€20 per person), or sipping drinks at seafront bars during the warmer months (with prices ranging from €4-€8 per drink). The nightlife scene varies by location, but typically includes live music venues showcasing traditional performances and contemporary establishments with DJs playing dance music until dawn breaks over the stunning beaches below.
Education in Greece
If you are relocating with children and planning to enroll them in educational institutions while living abroad, it is crucial to understand the available schooling options (especially if they require primary education). In Greece, there are both public (state) schools and private international options to choose from. Public education is mandatory for children aged 6-15 years; however, classes are conducted in Greek, which may pose a language barrier for newcomers. Consequently, most families moving from abroad opt for private institutions that offer curriculums aligned with their home country’s standards and languages. Private schools typically charge annual tuition fees ranging from €5,000-€12,000.
Housing and Environment in Greece
The housing market in Greece caters to a wide range of budgets and preferences, offering various property types to choose from. Renting is often a cost-effective choice for those who are initially relocating, as it provides the flexibility needed to adapt to a new life abroad.
In urban centers like Athens and Thessaloniki, apartment living is the norm. Rents tend to be higher within city limits compared to the rural outskirts and surrounding neighborhoods. As you move further away from central locations, larger homes with more land space become increasingly prevalent and more affordable due to lower demand. The average rent for a one-bedroom apartment in the city center varies between €350-€600 per month, depending on the location and quality. In contrast, rent outside of the cities can be somewhat lower, ranging from around €300-€500 per month. This makes deciding to live, work, study and play in Greece even more appealing than previously anticipated.
Public Transport in Greece
Public transportation systems in many locations typically include buses, trams, trains and taxis/ ride-hailing services – all of which provide reliable and efficient means of traveling both locally and nationally. The average ticket price for buses is about €1.40, while trams are available in some cities for roughly €1.20 per 90 minutes.
For frequent travelers monthly passes costing around €30 offer unlimited travel, ensuring additional savings, practicality, and ease of daily use. Access to these facilities at any given moment and without any prior notice makes journeys as hassle-free and enjoyable as possible.
Public transportation systems in Greece and other foreign countries consistently strive to maintain optimum levels of satisfaction and convenience for their valued customers, citizens and visitors alike. Regardless of the destination or distance between points of departure and intended final destinations, these systems cater to the needs of those seeking adventure, excitement and new experiences within the country’s borders and beyond.
Climate in Greece
Greece primarily enjoys a Mediterranean climate, featuring hot, dry summers and mild, wet winters. The coastal areas generally have a more temperate climate compared to the inland regions where temperatures can fluctuate significantly between day and night depending on the season and location.
Nonetheless, the weather conditions in Greece are consistently pleasant throughout the year, making outdoor activities and sightseeing enjoyable prospects for the majority of the time. This holds true whether one is visiting for a short or extended period, ensuring that every moment spent exploring the nation’s beautiful landscapes and rich cultural heritage is maximized to its fullest potential.
In essence, Greece is a unique and enchanting country that truly embodies the spirit and lifestyle of the Mediterranean. This is evident in its very foundations upon which it stands firmly and proudly today.
Wrapping Up The Cost of Living in Greece
In conclusion, Greece boasts a unique fusion of history, culture and natural beauty that entices those planning to relocate or retire overseas. With its relatively low cost of living compared to other European nations, this country is an appealing option for expats seeking affordability without sacrificing quality. From reasonable housing expenses to delicious cuisine and efficient public transportation, Greece offers a comfortable and enjoyable lifestyle for short-term visitors as well as long-term residents.
So pack your bags, polish up your Greek, and prepare yourself to delve into the vibrant and enchanting world that is Greece!
Contact Next Generation Equity today to learn how we can help you fulfill your dream and gain Greek Residency!
