Cost of Living in Greece

If the great Mediterranean weather, amazing food, hospitable people, and the opportunity to island-hop weren’t already enough, the cost of living may be one more reason to lure you to Greece. From housing to dining out, healthcare to hair care, the average cost of living in Greece is significantly lower than the U.S.

Below, we outline the basic costs, a sample budget, and a few areas to watch out for to avoid any costly surprises.

Many who vacation in Greece sigh and wish they could find a way to live year-round in this picturesque, slower-paced, sea-kissed country. It almost seems too good to be true; healthy, fresh cuisine, daily swims in the Aegean, working from your balcony at home with a view of the sea scattered with islands…Many people don’t realize that living in Greece doesn’t have to remain a dream—with some careful planning and research, it can become a reality.

When deciding what country to make your new home, one of the major considerations that come into play is the cost of living. Wake up, dreamers; Greece is one of the more affordable EU countries to live in! From housing to healthcare, rent to transportation, Greece currently offers a significantly lower cost of living than in the U.S. Of course, this all depends on your lifestyle and spending habits, but life is comfortable in Greece, even on a modest salary.

The parity of the euro to the dollar has positively impacted the cost of living in Greece for expats. The dollar goes further than it ever has, making every day, and especially larger purchases, more affordable. If you’re considering purchasing real estate in Greece, now is an opportune time to take the plunge!

Housing

Housing in Greece varies depending on where you choose to settle. A small village on the mainland will be a great deal more affordable than the center of major cities like Athens or Thessaloniki. Islands can be more expensive than the mainland, but again, it all depends on which island you choose. A touristic island will be more costly than a small, quieter one. A more popular island may also have fewer rental options, with the Airbnb boom causing many landlords to hold their rentals as Airbnbs from June to September. With buying, prices have risen slightly with the Golden Visa opportunity. Still, the minimum purchase in the majority of the country for a Golden Visa is €250,000, one of the most affordable in the EU.

Note: If you are looking at purchasing a property in the greater Athens area, Thessaloniki, Mykonos, or Santorini, the amount for a Golden Visa doubles to €500,000.

Let’s take a look at current housing costs in Athens, Chania, and Nafplio, three popular retirement destinations in Greece, using a furnished two-bedroom, two-bathroom apartment in a nice area for comparison. In Athens, the bustling capital city, it costs approximately $1200 monthly to rent an apartment this size. Purchasing a home with the same specifications would cost approximately $295,000. In Chania, Crete, a beautiful neoclassical city by the sea, you will pay around $860 in rent. To purchase a place with the same specs, you’ll pay about $250,000. In Nafplio, a picturesque city by the sea on the Peloponnese, the same apartment costs about $860 for a rental, but will only need around $160,000 to purchase.

There are a number of websites that can help you search for homes in the areas you wish to live in, such as https://spitogatos.gr and https://xe.gr. Happy hunting!

Food/Groceries

Not only is Greek cuisine super tasty, and one of the healthiest diets on the planet, but it also easily accommodates all types of dietary needs. Based largely on fresh vegetables, legumes, whole grains, and fish with heavy doses of olive oil, vegetarians, vegans, and those with coeliac disease can eat heartily without feeling left out.

It’s worth noting that food prices have risen generally in 2023 due to inflation. Even so, buying groceries is pretty similar cost-wise to the U.S., and eating out is also very reasonable. Where Greece truly stands out, though, is in the quality of the food. Local markets run by farmers selling their freshly harvested seasonal produce and honey abound, and the prices are competitive. Supermarkets and greengrocers both carry locally grown products as well as imported food options.

For an idea of how grocery prices in the U.S. stack up to U.S. prices, below are some current sample food prices:

If you enjoy eating out, a meal for two at an average restaurant, including a glass or two of local wine, will cost approximately $40. An average grocery budget for two in Greece is approximately $345.

Both Greek and foreign chain supermarkets abound in Greece with competitive prices if you are on a budget, although you may sacrifice quality. The German chain Lidl has become a favorite among budget shoppers. Shopping at the local greengrocer and butcher may be more expensive, but you know where everything is sourced, the food is fresher and higher quality, and you support the local economy.

If you don’t feel like cooking but are on a budget, try food takeaway places, an economical option selling freshly prepared meals to go. These meals are usually enough to feed two people and range anywhere between $5.40 to $8.50.

Transportation

Like housing, transport costs in Greece depend on where you live and how connected your area is with public transportation. The more you are able to rely on public transportation, the less you will spend. Athens’ public transportation system is comprehensive and reasonable, and each ticket is valid on any bus, metro, trolleybus, or tram.

Ferries are a popular inter-island mode of transport. Over the past year, with the growing fuel costs, ferry tickets have risen a great deal. An economy ticket from Piraeus to Syros used to cost around $32 but has climbed lately to $40. There is some good news for those permanently living off mainland Greece, though; Permanent residents of certain Greek islands can sign up to receive rebates of up to 50% for travel to and from Athens by ferry.

Taxi fares have also risen with the cost of petrol. It costs $4.30 for the minimum taxi ride. The base fare is $1.95 and .97 for each kilometer of daytime rides, $1.35 between midnight and 5 a.m. The average fare for a taxi ride in Athens is quite reasonable at approximately $7.50, especially if you’re sharing with a friend.

Owning a car in Greece can be a good option for those living in more remote places without a large public transport system. Used cars can be economical to buy and insure. Asking a trusted mechanic if he knows of anyone selling a car could turn up a real gem of a reliable, albeit older car. For example, a used Fiat Panda will sell for around $4300.

Once you buy the car, insurance is inexpensive compared to the U.S., at approximately $150.00 per year. There is also a license plate renewal fee every year that costs $260. The cost of petrol exponentially drives up the cost of owning a car at $2.10/liter (1/4 gallon). Of course, distances are smaller, and your budget will depend on how much you drive. Electric cars have appeared on the scene as well as electric bikes, which may be a better option, depending on your budget.

Utilities

With the rise in inflation, utilities in Greece have gone up, but still come in lower than many other EU countries as well as the U.S. Local property taxes for rubbish removal and municipal services are based on the square meters of your property and are included with your electric bill. These bills arrive once every two months. For an average-sized property, you can expect to pay around $45 per month, depending on how much heating and cooling you do.

Luckily, the weather is temperate enough in many parts of Greece to open your windows and enjoy the fresh breeze. Water will cost an average of $32 per month, depending on usage. Mobile telephone services are very reasonable compared to the U.S., with talk, text, and data plans for around $21.50 per month. Many cable and internet packages exist as in the U.S. and you will pay $45.00 each month for unlimited internet and basic cable television channels.

Healthcare Costs in Greece

The Greek healthcare system operates on both public and private levels. Public healthcare can be accessed if you’re employed in Greece by a Greek employer or if you pay into the system as self-employed. However, most third-country nationals need to prove they have health insurance coverage in Greece in order to get a residence permit necessitating purchasing a private policy. Policies vary in cost depending on age, pre-existing conditions, a health exam and blood work, and selected coverage. Private insurance allows people to avoid long wait times for appointments, and gain access to higher-quality facilities.

For visits and procedures not covered by health insurance, paying out of pocket will not break the bank, unlike the U.S. For example, an eye exam costs $65 out of pocket, and a dental cleaning costs just $43. A trip to a general doctor costs around $38, whereas a specialist will still only charge (approximately) $54. The prices are a bargain considering the excellent quality of doctors and dentists in Greece.

Pharmacies are plentiful in Greece, and even without prescription coverage, you’ll find that medications are reasonably priced compared to the U.S. With prescription coverage, the cost is almost negligible.

Cost of Living in Greece - Sample Monthly Budget

Video: Cost of Living in Greece