With its azure blue waters, sunny climate and Mediterranean lifestyle, Greece is a popular choice for retiring UK expats. Not only does it offer miles of unspoiled island coastlines, but inland is a fascinating historical journey.
From walking in the mountains to exploring authentic villages and embracing the traditional way of life, Greece has an appealing lifestyle for many retirees.
Of course, it’s not all plain sailing if you want to spend the rest of your life in Greece. This article looks at the retiring in Greece pros and cons to help you make your decision about where to retire abroad.
The pros of retiring to Greece
Lower cost of living
With prices constantly increasing – property, fuel, food – Greece offers an affordable alternative to the high prices of the UK.
The delicious and cheap Mediterranean cuisine is one of the many reasons retirees move to Greece. Imagine dining out for less than £12 at your local taverna, or selecting fresh olives, honey and cheese from the local market for a fraction of the price you’d pay in the UK.
You are entitled to claim your UK state pension while living in Greece. You can start the process up to 4 months before you retire by contacting the International Pension Centre.
The table below shows how your pension will go a lot further in Greece (prices converted to £) in August 2024:
| UK £ | Greece £ | |
|---|---|---|
| Meal in an inexpensive restaurant | 15.00 | 12.80 |
| Cappuccino | 3.2 | 2.85 |
| Bottle of wine | 8.00 | 6.83 |
| Local transport one-way ticket | 2.30 | 1.02 |
| Utilities for 85m2 property (gas, electric, water) | 246.41 | 182.42 |
| Internet per month | 30.77 | 25.52 |
| Cinema ticket | 10.00 | 6.83 |
If you plan to live in Greece² for more than 90 days you will need to apply for a Greek National Visa. You must get this from the visa application centre in London before moving to Greece.
Cheaper property prices
Which Greek island would you like to retire to? Or would you prefer the mainland? Greece has a vast selection of regions and cities to invest in, whether you want a sun-soaked villa with a pool or an apartment in Athens.
Below you can see just how much money you could save in your retirement either by renting or buying property in Greece.
| Type of property | UK £ | Greece £ |
|---|---|---|
| Price per Square Metre to Buy Apartment in City Centre | 4,972 | 2,297 |
| Price per Square Metre to Buy Apartment Outside of Centre | 4,454 | 2,226 |
| Apartment (1 bedroom) in City Centre to rent per month | 1,259 | 489 |
| Apartment (1 bedroom) Outside of Centre to rent per month | 859 | 338 |
Greek property prices are increasing with an increase of 9% being seen year-on-year in June 2024. This growth is expected to continue to a predicted 3.5% by 2029.
If you’re not ready to retire yet, now may be a good time to consider buying a holiday home in Greece. You could earn an income from your home through seasonal rentals until you are ready to move into Greece in the future.
Living incredible experiences
Whether you’re taking early retirement or waiting until you reach retirement age, Greece has plenty of year-round activities to keep you busy. Hiking, cycling, swimming… there are so many ways to enjoy Greece.
The beaches are amazing, but there’s so much more to Greece… picturesque fishing villages, vineyards, ruins, architecture… you’ll have something new to do every day.
As Greece is made up of so many islands there’s always something to discover. From the peaceful shores of Kefalonia to the vibrancy of Rhodes or the lush greenery of the interior of Corfu, Greece is full of travel secrets.
A nice climate all year round
If you’ve always dreamed of waking up to sunshine, a dip in the pool or an early morning walk on the beach followed by breakfast on a sunny terrace – welcome to Greece. With a Mediterranean climate, only a few days of rain each year and sunshine year-round, the Greek climate is appealing if you’re from northern Europe.
The cons of retiring to Greece
Unfortunately, life doesn´t always go smoothly, particularly when you’re not used to a different culture. We’ve listed a few of the negatives of moving to Greece below.
The language barrier
Greek is a difficult language to learn. You can’t rely on your school French to work out what the words might mean as the alphabet is entirely different to English. However, even learning a few basic words will go a long way with the locals and boost your confidence.
In the learning language rankings of 1-4, with 1 being the easiest, Greek ranks in category 3. However, many Greek people speak English, especially in the large cities and tourist areas, making it easier for foreigners to communicate.
The social system
The World Health Organisation has ranked Greece’s healthcare system as one of the healthiest countries in the world (above the UK) which is good news for retirees. This could be down to the healthy Mediterranean diet and less stress living in this wonderful part of the world.
You have the right to state healthcare in Greece if you are retired and have registered your SI form with the Greek national health system.
The need to have a visa
Brexit changed a lot of things for UK retirees wanting to move abroad. This includes Greece, where you will need to apply for a National Visa if you plan to stay over 90 and up to 365 days. Even if you plan to buy a property in Greece you will need to apply for the National Visa first, then a residency visa.
This can be time-consuming, so follow our guide on visas to live in Greece to help the process go smoothly.
You can also invest in Greece by buying property, which will give you a Golden Visa, entitling you to residency. You will need to spend between €400,000-€800,000 to be granted a Golden Visa, depending on where you wish to live.
The more populated areas require you to invest more, for example, €800,000 applies to Attica, Mykonos, Santorini, Thessaloniki and islands with a population of over 3,100, while €400,000 is relevant to the rest of Greece.
How iad Overseas can help you
If you’re searching for a retirement retreat where you can be outdoors most of the time, and enjoy a laid-back lifestyle and much healthier diet, Greece is the perfect choice. While it has some negatives, we think the benefits of retiring to this beautiful part of the world far outweigh them.
The important thing is to be aware of the retiring in Greece pros and cons so you can decide if it’s the right location for you.
Are you interested in retiring to Greece? Get in touch and an iad Overseas property consultant will contact you. We can help you decide where to move to according to your budget and needs.
- https://www.gov.uk/foreign-travel-advice/greece/entry-requirements
- https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=United+Kingdom&country2=Greece
- https://www.ceicdata.com/en/indicator/greece/house-prices-growth
- https://blog.rosettastone.com/the-complete-list-of-language-difficulty-rankings/
- https://www.internationalstudentinsurance.com/greece-student-insurance/healthcare-in-greece.php
- https://www.gov.uk/guidance/healthcare-in-greece
- https://www.statista.com/outlook/fmo/real-estate/greece
