You're thinking of buying your dream Greek Island property. Maybe you've already chosen to buy a property on Crete, Rhodes or Santorini... But before you go ahead and buy, it's time to look at a monthly budget for how much it will cost to actually run your new home. The cost of maintaining a property in the Greek Islands is still incredibly good value and very reasonable. It is quite difficult to be precise on how much it will cost you to maintain your new home, as it depends upon how you like to live.
If you want the air conditioning on all summer it will cost you more than if you simply adore the heat. The cost of living and running a property has risen recently, particularly since the introduction of the euro but nonetheless, Greece remains an economical place to have a home and inexpensive compared to much of Europe.More for your money
Quest Greek Islands has taken a look at some average costs for owning a home in the Greek Islands. You'll be surprised how little money you need to maintain your property, far less than most places.
Unless you have bought your property fully furnished, you will want to start looking for essential furniture and white goods. There are many options with local stores but a lot of expats and second home owners like to go to Ikea and buy everything in one go from one place, then have it delivered.As a starting point, you'll certainly need the basic items so that you can cook, keep food, eat and sleep. Obviously, prices will depend upon the quality of the items you want but these are average prices in euros.
Electric cooker 500
Fridge freezer 500
Double bed 400
Dining table and four chairs 500
Sofa and two armchairs 1200
Plastic outdoor table and four chairs 150
Running your home and living costs
The costs associated with running a home on the Greek Islands are very economical. The highest bills generally come from electricity, so make sure you don't leave the air conditioning or heating on full belt.
To give an overall rough figure, we've broken down the costs into home: car: trips back home: dining out and an emergency fund, to get a total cost for home and living. Regarding the property itself, rates (council tax) in Greece are not charged if the property is less than 150 sq.m. Water is precious on the islands and is charged on a usage basis, so don't leave taps running and keep an eye on how much you are using. Rubbish collection and street lighting are included in the electricity bill.
A word about cars. If you want to purhcase a car for getting around the Greek Islands, you won't need anything flash or new. Go for a cheap second hand runabout. Something like a Fiat Panda. You won't need much more than this. If your property is a second / holiday home, then it may work out cheaper to rent a car for the duration of your time there. On the same theme, for a second home, you will need to add in something for garden maintenance, as you are unlikely to be there to do this yourself.
Costs are in euros and are for a year and are based on a couple with no mortgage.
Property
- Water 220
- Electric 600
- Heating 600
- Insurance 470
- Food at home 9,000
Sub total 10,890
Car- Insurance 460
- Petrol 540
Sub total 1,000
Living
- Trip home 900
- Dining out 2,500
- Internet 300
- Emergency fund 2,400
Sub total 6,100
Grand Total : 17,990 euros
This represents amazing value - just 18,000 euros a year as income to live on and run your own car, whilst living a great life in the Greek Islands' sun.
