22 October 2018

Property purchase in Greece, affordable or not?

18 December 17 - RE+D Magazine
Property purchase in Greece, affordable or not?



Numbeo provides necessary information on the cost of living worldwide.


The company do so by providing online software which provides to a reader of a website prices for free, uses wisdom of the crowd to get as reliable data as possible, provides a system for systematic research on cost of living and property markets, calculates derived indices such as cost of living index, local purchasing power, etc. and provides a system for other systematic economical research on huge dataset with worldwide data.

According to data compiled during the last 18 months, and most recently updated this December, Numbeo how much would cost somebody to buy a house in Greece.

Given the above if someone can afford from €1197,99 to €1425,92 per square meter would be able to purchase an apartment in a city center. Meanwhile the average monthly net salary in Greece (after tax) is estimated at €693,60.

Affordability to purchase a house in Greece should therefore depend in other factors as well.

Nonetheless, anyone could argue that a monthly salary of something less than €700 would not be sufficient enough to purchase a property.

For people interested in the market though, there are other financing tools available for purchases.

Fixed mortgage interest rates on year basis are currently settling at 4,37% while loan affordability index is estimated at 1,41%.


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