Greece may enjoy postcard-perfect coastlines and a booming tourism sector, but for many Athenians, life in 2025 is increasingly difficult to afford. According to Deutsche Bank’s latest Mapping the World’s Prices report, Athens ranks among the lowest global performers for wages and quality of life—while still facing housing pressures that make it hard for locals to keep up.
A file photo of Monastiraki square in central Athens, one of the most popular tourist points in the Greek capital.
Salaries Near the Bottom of the Global Table
Athens ranks 56th out of 69 cities for net monthly salaries, with the average worker earning just $1,141. This places Greece behind all major EU capitals except for some Eastern European cities, and firmly in the company of emerging market cities like:
- Istanbul – $934
- Delhi – $657
- Mexico City – $852
- Bangkok – $844
In contrast, workers in Berlin ($3,565), Vienna ($3,393), and Madrid ($2,193) earn two to three times more.
Property Prices Low, But Still Unaffordable for Locals
Real estate in Athens remains relatively cheap in absolute terms. At $3,766 per square meter, it ranks 52nd out of 69—cheaper than nearly every other EU capital. But local purchasing power is so weak that this low price doesn’t translate into affordability for Greeks.
Compare this with:
- Lisbon – $7,193/m², salary $1,397
- Madrid – $7,870/m², salary $2,193
- Paris – $14,286/m², salary $3,630
Deutsche Bank also notes that the monthly rent for a 3-room apartment in Athens is ranked at 59th place ($1,180), implying that it is affordable compared to other countries, but considering the average wage, even rental costs place a heavy burden on renters.
Quality of Life: Athens Missing from the Global Top 50
Deutsche Bank’s Quality of Life Index evaluates cities on eight key indicators: purchasing power, safety, healthcare, cost of living, commute time, pollution, climate, and housing affordability. Athens is absent from the top 50, meaning it underperforms across multiple dimensions.
In contrast, EU cities like Copenhagen, Vienna, Amsterdam, and Luxembourg consistently rank at the top, thanks to strong public infrastructure, cleaner environments, and higher wages.
EUROKINISSI
A European Problem?
Even Lisbon, often seen as Greece’s southern European twin, has worse affordability by the price-to-income ratio. Yet, Lisbon still outranks Athens on salaries and quality of life.
While Athens stands out for its affordability challenges, the mismatch between wages and housing costs is increasingly a Europe-wide trend.
- In Lisbon, the average property price is $7,193/m²—nearly double that of Athens—but the average salary is only $1,397, placing enormous pressure on locals.
- Paris residents earn $3,630, but face property costs of $14,286/m², meaning it takes nearly 4 months of net income to afford 1 square meter of housing.
- Even in Zurich, where incomes are high ($7,788/month), real estate costs have surged to $23,938/m², significantly outpacing salary growth.
These patterns suggest that Greece is not alone. In many European cities, real estate markets are rising faster than incomes, fueled by limited supply, investment demand, and post-pandemic shifts in where and how people want to live.
FILE PHOTO: A man walks in silhouette in Lisbon, Portugal, May 2, 2024. REUTERS/Pedro Nunes/File Photo
Athens may sit closer to the bottom of the rankings, but the wage-housing imbalance is part of a broader structural issue across Europe—one that increasingly threatens both affordability and the ability to attract or retain young talent.
Meanwhile, outside Europe, the picture is more mixed. In the United States, cities like New York and San Francisco remain expensive, but higher average salaries—$5,128 and $7,092 respectively—help cushion the blow. In parts of Asia, such as Seoul and Singapore, housing is pricey but incomes and infrastructure are relatively strong. Meanwhile, in many emerging markets, both wages and real estate prices remain low, keeping the affordability gap narrower—though often at the cost of lower public services and quality of life.
Struggling to Compete for Global Talent
Athens’ weak performance is more than a local issue—it reflects a broader global competitiveness gap. In an era where digital workers can live almost anywhere, cities with low wages, strained public services, and mediocre infrastructure struggle to attract high-skill talent.
While places like Amsterdam and Dublin have emerged as regional tech and innovation hubs, Athens has yet to build the business ecosystems or income levels needed to draw and retain international professionals. The city’s low cost of living is attractive on paper, but only when measured against foreign income—not local earning potential.
