What Is The Cost Of Living In Greece?



Posted: Wednesday, November 07, 2007

by
Claire's Messinian Properties

In Greece the average cost of living is not easy to estimate and is largely dependant on individual circumstances and lifestyle. In resent years Greece has enjoyed a stable economy and the latest government figures show that the Greek economy continues to grow even though many other countries are heading for recession.    If you are planning to live or retire to Greece take care not to underestimate the cost of living which has increased considerably in the last decade. Nevertheless the cost of living in Greece is still considerable lower than in most other EU countries. The Economist has ranked Greece as 23rd in the world quality of live index. Recent studies indicate that the cost of living in Greece is about 30% lower than Cyprus' and Cyprus' is 30% lower than Spain's and Portugal's. Over and above the lower cost of living, those who purchase property in Greece will have noticed that house prices though increasing rapidly are still reasonable. In addition Greece has a very low crime rate, low pollution, and plenty of sunshine. All things considered purchasers of homes in Greece have an extremely attractive package. The following examples are designed to give you an idea about how far your euros will stretch. 

Annual Income Requirements 

A couple living permently in Greece can expect to require an annual income of around €15,000 (£10,517.76). Calculations are based on an exchange rate of €0.66 to the pound. Example; 

House running costs + food

 €6750

 £4455
Two people eating out 2x per week

 €2600

 £1716
Garden maintenance

 €900

 £594
Car insurance & road tax

 €550

 £363
Petrol 10,000 KM per year at €0.98 per litre

 €666

 £439.56
Return trip to the UK to visit family and friends

 €970

 £640.20
Contingency fund

 €3500

 £2310
Total per year

 €15,936 

£10,517.76



Breakdown of house running costs for two people per year. 
 
Food

 €5200

 £3432
House Insurance

 €500

 £330
Electric

 €400

 £264
Water

 €150

 £99
Heating (oil)

 €450

 £297
Total per year

 €6700

 £4455
 
 
Water in Greece is precious, charges are dependant on consumption and there is a small standing charge every two months. Electricity (220 Volt) is charge likewise and includes a community charge for street lighting and refuse collection.  A deposit is payable when electric is transferred into your name. Telephone and Internet are charged as used (Standing charge applicable).  There are several different packages available so it's a good idea to shop around for the best deal.  
Food Prices: Prices have risen quite steeply since the introduction of the Euro in 2002. Locally grown produce is cheap when in season. Imported and processed foods are often highly priced. Generally the cost of food is lower than in other European countries and for those of you who enjoy growing your own fruit and vegetables can live fairly frugally.

 Furniture/Appliances 

To give you an idea of the price of furniture and kitchen appliances, here are some examples for a typical starter package; 

Electric cooker

 €500 (£350)
Fridge freezer

 €500 (£350)
Washing machine

 €500 (£350)
1 x double bed

 €400 (£275)
2 x single beds

 €500 (£350)
Dinning table & 4 x chairs

 €500 (£350)
Three piece suit (1 x sofa 2 armchairs)

 €1200 (£730)
Patio furniture (plastic table & 4 chairs

 €150 (£90)
TOTAL COST

 €4250 (£2963)
 

Shopping Tip: Shopping for luxury items such as TV's, computers, stereo equipment, camera's and other electrical equipment can prove to be more expensive than in other European countries. Try looking on the internet. It gives a much wider choice and it can save you a considerable amount of money.



Consumers Rights: If you should be unlucky enough to buy a faulty product in Greece you have the same rights of complaint against a Greek retailer as in any other EU country. For further information or advice contact INKA, free tel: 11727 or 210 363 2443.

Car Running Costs 

To purchase a small saloon car in Greece (Fiat Panda or similar) would cost around €8,000 (£5,500)



Fully comprehensive insurance and road tax is likely to be about €500 (£330). 

Petrol is about €0.98 per litre (£0. 67p)  

Car Rental will be €30-€45 (£19.80-£29.70) per day, depending on size and duration of hire. For 15 days plus, the smallest might cost €26 (£17.16), and a 4WD between €38 & €50 (£25.80 and £39.60
 
 
Claire May is an informed author of articles regarding Greece and Messinian properties.  Her articles endeavour to make buying and selling property in Greece straightforward. It also helps buyers with their research and aids them through the unfamiliar Greek property purchasing procedures.  Claire has also designed a website to provide readers with information about http://www.claires-messinian-properties.combuying property in Greece.

 

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