Greece or UK: which has the lower cost and the higher quality of living?

Rent

Greek rental prices are around 146% lower than in the UK. Here are the approximate monthly expenses for renting an apartment:

Buying Property

If you're planning to buy an apartment in Greece, you should be surprised by the affordable prices. Here is how the cost of a square meter in an apartment typically differs:

Let's imagine that you purchase a property of 85 sq.m. In Athens, you should be ready to pay €153 for electricity, heating, cooling, water and garbage per month. In London, you would need to pay roughly €229 for the same services. However, your bills might skyrocket if you keep using air conditioning for ten hours per day during a hot Greek summer. As for heating in colder months, you might rely on an independent system or the one by the management of your apartment building. With the former, you control your expenses yourself. With the latter, you share expenses with other apartments.

If you install cable or ADSL Internet of 60+ Mbps, with unlimited data, you'll need to pay around €38 in London and €33 in Athens. However, one minute of a local prepaid mobile tariff with no discounts or plans might be cheaper in London than in Athens: €0.15 vs €0.37.

Pension

Greek retirees can expect to receive around €384 per month. Residents aged 67 can get a full pension with 15 insurance years and those aged 62 need 40 insurance years. You can keep receiving your UK pension after relocating to Greece. A retired couple can live comfortably in this Mediterranean country on a budget of €2,000 (rent included).

In July 2020, the Greek lawmakers came up with a lucrative initiative for foreign retirees. If you become a local tax resident and your foreign pensioner's application is approved, the taxation rate for your income that comes from elsewhere in the world will remain flat at 7% for the next ten years.

Restaurants

A meal in an inexpensive restaurant in Greece will cost you around €10 — whereas in the UK, you'll need to pay around €15. A three-course meal for two people in a mid-range restaurant costs around €35 in Greece, compared to €59 in the UK. Budget-friendly Greek restaurants that serve local food are known as tavernas. Besides, you should appreciate local street food, where a big portion costs around €5.

Greeks are not used to large tips. You don't need to leave a €5 tip each time you visit a restaurant, which enables you to save even more.

Groceries

The prices of products in Greece are almost identical to the UK — here are just a few examples:

To cut down expenses, you might want to visit local markets called "laiki" instead of chain supermarkets. There, you should be able to purchase fresh products directly from farmers.

Transportation

If you purchase a Volkswagen Golf or Toyota Corolla Sedan in Greece, it will cost you around €19,500. In the UK, you'll need to pay €7,000–8,000 more. On the flip side, gasoline might be more expensive in Greece, compared to the UK: €1.66 vs €1.57 per litre. That's why many citizens prefer comfortable and affordable public transport. A one-way ticket for a local trip will cost you around €1.35 vs €3.17 in the UK. You can purchase a monthly pass for €30 — while in the UK, it might cost you around €187. Greek taxis are cheaper than their British counterparts — let's compare the terms of the normal tariff:

Schools and Kindergartens

If your child goes to a Greek kindergarten, you should be ready to pay around €368 per month. In the UK, the price of one month in a private kindergarten might reach €1,100.

Greek residents can send their kids to public, private or international schools. In private schools, teachers and students speak Greek. If you prefer English or some other language, you should opt for either a private or international establishment.

Public schools are free. The cost of a school year in an international establishment might vary from €7,000 to €13,000. In the UK, you would need to pay around €15,262 for one year in an international primary school.

University education is free for Greek and other EU citizens, up to a master's degree. Students from other parts of the world should be ready to pay a yearly tuition fee of around €1,500.

Clothes

In Greece, you can buy clothes, shoes and accessories in chain stores that operate across all Europe. In some cases, local prices might be lower than in the UK. For instance, if you need an H&M or Zara summer dress, it will cost you around €27.5 in Athens and €34 in London. One pair of men's leather business shoes will have a price tag of €89 in the Greek capital and €104 in the British. At the same time, a pair of classic Levi's jeans might cost around €65 in London and €73.5 in Athens.

To make the most of your shopping, you might want to wait until the three large discount sessions:

• From mid-January till mid-February

• The first ten days of May

• From mid-July till the end of August

During these sales, you might benefit from discounts of up to 70%.

Healthcare

Your medical expenses might vary depending on whether you have insurance or not. If you're employed in Greece, your employer will take care of your insurance. It might cost around 30% of your salary and you'll get many medical services for free, including dental checkups.

If you lack insurance, an antibiotic prescription will cost you around €7 in Greece and €11 in the UK. A consultation with a private doctor in the UK might cost around €233, while in Greece, you can have an average family doctor check-up with no insurance for around €40. Thanks to affordable prices and the high professionalism of local doctors, Greece has become a popular medical tourism destination for foreigners.

Salaries

The average UK salary is €45,122 for a full-time role and €16,093 for a part-time role. In Greece, the average yearly salary is €33,456 for a full-time job. The average hourly wage is €16. Even though you might earn less in Greece than in the UK, you should be able to maintain a very decent level of life with lower expenses.

Taxes

Final Thoughts

In Greece, you can enjoy a high quality of life with modest expenses. The prices of renting or purchasing property, using public transportation and dining out are much more affordable here than in the UK. Medical and educational services in Greece are also more budget-friendly than in the UK. Local taxes, groceries and clothes prices are more or less identical to the UK. Meanwhile, the local climate, landscapes, cuisine and hospitality are priceless!