Cost of Living in Greece Below EU Average Despite Surge Across Europe

While a recent EU report reveals rising living costs as the main concern for 90% of Europeans, Greece stands out with a cost of living below the EU average. This comes amidst a general surge in expenses across the bloc, particularly driven by housing and energy prices.

Housing costs, including utilities, accounted for the largest share of household consumption in the EU in 2022, reaching 24.1%. This marks an increase from 21.1% in 2002, fueled by rising housing prices and energy costs, particularly during the Covid-19 pandemic.

Although this upward trend was observed in many EU countries, Greece recorded a modest increase of only 1.9% in housing expenditure share between 2002 and 2022. In contrast, Ireland experienced a significant 7.1% surge, followed by Spain and Italy with 6.3% and 5.4% increases, respectively.

This difference is evident in the overall percentage of household spending allocated to housing across Europe. While Slovakia topped the list in 2022 with over 30% dedicated to housing, Greece remained significantly below the EU average at just 19.2%.

This places Greece alongside other Southern and Eastern European countries like Montenegro (11.6%), Turkey (12.4%), and Albania (12.5%) where housing costs represent a significantly smaller portion of household budgets.