Greece is often perceived as an affordable destination compared to many Western European countries, particularly for expats and retirees seeking a Mediterranean lifestyle without breaking the bank. However, affordability depends on your lifestyle, location, and personal preferences. Below, we’ll break down the key factors that influence the cost of living in Greece, helping you determine whether it’s a financially viable option for you.
1. Housing Costs
Housing is one of the most significant expenses when living in Greece, but prices vary widely depending on the location.
Urban Areas (e.g., Athens, Thessaloniki)
- Rent : A one-bedroom apartment in the city center costs around €500–€800 per month, while outside the center, it can range from €350–€600.
- Buying Property : Real estate prices have been rising, especially in Athens, where apartments cost approximately €2,500–€4,000 per square meter. Smaller cities like Thessaloniki are slightly more affordable.
Islands
- Popular islands like Mykonos and Santorini are significantly more expensive, with rents ranging from €1,000–€2,000+ for a one-bedroom apartment.
- Less touristy islands such as Crete, Rhodes, or Corfu offer more affordable options, with rents starting at €300–€500 per month.
Rural Areas
- Living in smaller towns or villages can be very budget-friendly, with rents as low as €200–€400 per month for modest accommodations.
2. Utilities
Utility costs in Greece are relatively reasonable, especially if you adopt energy-saving habits.
- Electricity, Heating, Cooling : Expect to pay around €100–€150 per month for a standard apartment, depending on usage and season.
- Water and Garbage : Approximately €20–€40 per month.
- Internet : High-speed internet plans cost about €25–€40 per month.
Pro Tip: Summers in Greece can get hot, so air conditioning usage may increase electricity bills.
3. Food and Groceries
Greece offers affordable food options, particularly if you shop locally and cook at home.
- Groceries : A monthly grocery bill for one person typically ranges from €150–€250, depending on dietary preferences.
- Fresh produce, olive oil, and dairy products are inexpensive due to Greece’s agricultural abundance.
- Imported goods (e.g., specialty items) tend to be pricier.
- Dining Out : Eating out is quite affordable compared to other European countries.
- A meal at an inexpensive restaurant costs around €8–€15.
- Mid-range restaurants charge about €20–€30 per person for a three-course meal.
- Street food like souvlaki starts at €2–€4.
4. Transportation
Public transportation in Greece is affordable and efficient, especially in larger cities.
- Public Transport : Monthly passes for buses and metro systems in Athens or Thessaloniki cost around €30–€40.
- Taxis : Short rides within cities typically range from €5–€10.
- Fuel : Gasoline prices are slightly higher than the EU average, at approximately €1.70–€2.00 per liter.
- Car Ownership : While cars are relatively cheap to buy, insurance and maintenance costs can add up.
Pro Tip: On islands, renting scooters or bicycles is a cost-effective way to get around.
5. Healthcare
Healthcare in Greece is generally affordable, especially if you qualify for public healthcare.
- Public Healthcare : Free or low-cost for legal residents contributing to social security.
- Private Healthcare : Consultations cost €50–€150, and private health insurance premiums range from €500–€1,500 annually.
- Medications : Prescription drugs are subsidized, making them accessible and affordable.
6. Education
Education costs depend on whether you choose public or private schooling.
- Public Schools : Free for all legal residents, though language barriers may be a challenge for non-Greek speakers.
- Private/International Schools : Tuition fees range from €5,000–€15,000 per year, depending on the institution and level of education.
7. Entertainment and Lifestyle
Greece offers a variety of affordable entertainment options, from cultural activities to outdoor adventures.
- Cinema Tickets : Around €8–€12.
- Gym Memberships : Monthly fees range from €25–€50.
- Cultural Activities : Museums and archaeological sites often charge €10–€20 for entry, with discounts available for students and seniors.
- Nightlife : Drinks at bars or clubs start at €5–€10, though upscale venues in tourist areas can be more expensive.
8. Taxes
Tax rates in Greece are moderate, though they can impact your overall cost of living.
- Income Tax : Progressive rates range from 9% to 44%, depending on income levels.
- VAT : Standard rate is 24%, with reduced rates of 13% and 6% for specific goods/services.
- Property Tax : ENFIA (property ownership tax) varies based on property value and location.
Pro Tip: Retirees receiving pensions from abroad may benefit from favorable tax agreements.
9. Cost Comparison by Location
Here’s a quick breakdown of living costs in different parts of Greece:
| Location | Monthly Rent (1-Bedroom) | Groceries (Per Person) | Utilities |
|---|---|---|---|
| Athens | €500–€800 | €150–€250 | €100–€150 |
| Thessaloniki | €400–€600 | €150–€250 | €100–€150 |
| Crete (Heraklion) | €300–€500 | €150–€250 | €80–€120 |
| Mykonos | €1,000–€2,000 | €200–€300 | €150–€200 |
| Rural Villages | €200–€400 | €100–€200 | €50–€100 |
10. Pros and Cons of Living in Greece
Pros:
- Affordable housing and groceries outside major cities and tourist hubs.
- Access to high-quality healthcare at reasonable costs.
- Vibrant culture, beautiful landscapes, and a relaxed pace of life.
- Favorable climate with mild winters and sunny summers.
Cons:
- Bureaucratic processes can be time-consuming and frustrating.
- Limited job opportunities outside tourism and specific industries.
- Higher costs in popular tourist destinations like islands.
