Greece is one of the cheapest places to live in across Europe. A factor that has become even more important to consider for home buyers given that consumer prices have soared globally.
The cost of living in Greece remains one of the lowest in Europe while rising energy and food prices across the region force many consumers to think twice about their everyday expenses.
With inflation in Europe hitting the 10 percent mark in April, living expenses in Greece are also moving higher but from a much lower starting point.
A list put together by expatistan.com assessing the cost of goods and services offered in 94 countries worldwide puts Greece in position number 51, well below countries such as France (35th position), Spain (41st) and Portugal (43rd).
So far, Greece’s economy has also shown some resilience to the wave of price increases seen elsewhere in Europe.
Consumer prices jumped 9.1 in Greece in April, below the Netherlands (11.2 percent) and Bulgaria (12.1 percent). In neighbouring Turkey, a country which is experiencing its own set of economic problems, inflation is hovering around 35 percent.
For those looking for a beachside home out of the large cities in Greece, there is even less price pressure to contend with.
On islands such as Crete, Corfu and Lefkada, local farming sectors provide a steady flow of cheap fresh fruit and vegetables for the dinner table. This helps keep prices down when making comparison with other Mediterranean hotspots.
Data from Numbeo.com shows that the price of lettuce and potatoes in Chania (Crete) is up to 60 percent below prices recorded in Malaga, while in Rhodes the cost of locally produced cheese is 30 percent below that charged in Nice.
Home prices still low in Greece
Inflation has become the biggest thorn for global economies, sending housing prices sky high but in Greece real estate values remain well below 2010 levels, according to the latest data from Eurostat, the European Union’s statistics office.
According to data released by Eurostat earlier this month, Greece is the only country in the EU where home prices and rentals remain well below 2010 levels.
This is due to the fact that the housing market in Greece has yet to recover ground lost during the country’s ten-year debt crisis that ended in 2018, in a downturn that shrunk the economy by more than 25 percent.
Since then, Greece has been on a growth path and is implementing widespread reforms though apartment and home prices remain low. In fact, Eurostat data shows that house prices at the end of last year were 23 percent lower than those seen in 2010, while rental prices were also down 25 percent for the same time period.
“Rarely does such an investment opportunity arise in a European country,” said Elxis CEO Giorgos Gavriilidis.
“With confidence in the Greek economy growing, prices are heading upwards but are nowhere near levels seen in other European countries,” he said.
Elsewhere in southern Europe, prices have slipped in the last decade, or so, but to a lesser extent than in Greece. Data shows that in Italy prices are 12 percent below 2010 levels, while in Cyprus they are down 9 percent for the same period.
In northern Europe, in countries that were not affected by Europe’s debt crisis, the cost of property has gone off the chart. In Germany, house prices have jumped more than 90 percent, while in the Netherlands and Belgium price hikes range between 40 to some 60 percent.
So what does all this mean for home buyers? It means that a place in Greece just meters from the beach, with spectacular views, offering exceptional comfort and style and built with top quality building materials is much cheaper than what can be found elsewhere in Europe.
Homes for sale in authentic Greek villages offering traditional hospitality may be priced at less than 250,000 euros, while villas on the coast for those demanding more features, luxury and space also provide amazing value.
All in all, these are capital amounts and consumer prices that not only help contend the current inflationary environment but also secure the long-term success of home investments.