Prices in Greece are not considered particularly high compared to other world capitals, however the main problem lies in low wages. This is confirmed by a study from Deutsche Bank’s Research Institute, which analyzed price and income levels in 69 major cities worldwide, comparing the data with that from 2012 and 2020.
Regarding salaries, the average after-tax wage in Athens is estimated at approximately $1,141 (about €1,000), ranking it 56th among the cities in the study and as the city with the lowest average salary in Europe. Lisbon, for example, has an average salary 22.4% higher. Although the average salary in Athens has increased by almost 30% over the past five years, it still corresponds to only 22% of the salary in New York, which serves as the reference point.
In the housing sector, Athens presents relatively low costs: the square meter in the center costs approximately $3,766, ranking it 52nd internationally and only 20% of the cost in New York. However, prices have increased by almost 92% since 2020, one of the largest increases globally. Regarding rent, the average cost for a three-room apartment in the center is $1,180, occupying 59th place, with an increase of 48.3% over the past five years, but remaining only 14% of the corresponding cost in New York. After deducting rent, the disposable income for two workers is estimated at $1,101, a position that brings Athens to 52nd place globally, at 60% of the income in New York.
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