You’re thinking about investing in a property in Greece. Everything looks enticing – the Mediterranean Sea, the fresh fish, and the relaxed pace of life are calling. At some point, it comes time to think about financials. What does an average day in Greece cost?
Fortunately for expats, Greece is much cheaper than most other European countries, in some cases about 50% of the price of larger EU nations. Here’s roughly how it breaks down:
Average Housing Costs
Of course, your largest cost is going to be housing. This price will depend largely on the popularity of the area you choose. The numbers listed below, for example, represent the entire city’s real estate as an average — including even some of the apartments in the suburbs which haven’t been renovated for decades.
Central Athens and central Thessaloniki will likely be more expensive as they are the most coveted areas.
Athens
Of course, your largest cost is going to be housing. This price will depend largely on the popularity of the area you choose. The numbers listed below, for example, represent the entire city’s real estate as an average — including even some of the apartments in the suburbs which haven’t been renovated for decades.
Based on a summarized report by Spitogatos, a leading property listings site with over 400,000 listings in Greece, the average price of sale for an apartment is 3,613 €/m2 (with 2 bedrooms) and 3,614 €/m2 (with 3 bedrooms). Rent costs are 12.4 €/m2 and 11.0 €/m2 for the same categories.
Note that the historic center of Athens is the most popular area in the city because of its close proximity to the Parthenon and other sights, and will likely be more expensive than the average.
Thessaloniki
The 2nd-largest city in Greece is known for its spiritual sights, churches, and Aristotle University. It is considerably cheaper, with an average sale price of 1.958 €/m2 for 2-bedroom apartments in the city center and 1.835 €/m2 for 3 bedrooms. To rent, the price per square meter is 8.4€ and 7.6€, respectively.
Heraklion
As the city size decreases, so does the cost of living. The cost of buying and renting a 2-bedroom apartment and a 3-bedroom apartment in the Cretan capital are the following: Apartments with 2 bedrooms are 1.524€/m2 (to purchase), 8,0€/m2 (to rent) and apartments with 3 bedrooms are 1.624€/m2 (to purchase), and 6,5€/m2 (to rent).
Internet & Utility Fees
On average, you can expect to pay around 20-35 Euros for internet monthly. For an 85 m2 apartment, you’ll pay between €150-300 for utilities, such as electricity, gas, and water. This number will vary based on the size of your house, the season, and your usage.
Food
Nothing beats the simplicity and freshness of the Mediterranean cuisine. But what does it cost to eat as the Greeks do?
If you are used to eating out, then the average cost of food for you will be around €32 per day. An average meal in a café costs ~€13. Breakfast prices are much cheaper than lunch or dinner – usually only a few euros. If you are cooking at home, this cost is easily cut in half.
Insurance
Living in Greece as an ex-pat, you have the option of either public or private insurance. If you pay contributions to public healthcare insurance and have a social security number in Greece (also known as an “AFM” or ΑΦΜ), you can access the public system. It’s also worth noting that you don’t need a referral from a general practitioner to visit a specialist. While this has a positive side, it generally means longer waiting times.
Private insurance is also available, and for this you will need an “AMKA” number from the local citizen services office (KEP). Private insurance can be more comprehensive than the public option and the price depends on your age and country of residence.
Overall, healthcare in Greece is twice cheaper than in most places in the EU. A standard checkup with a family doctor will likely cost 40 Euros. Antibiotic prescription usually costs around 7 Euros for a week’s supply.
Fitness and Leisure:
The average entertainment activity (think museums, movie theaters, or sightseeing) costs about 20 euros daily. The average monthly gym membership, if that’s your cup of tea, is 35 Euros per month.
Summing it Up:
