I hear various ministers casually mocking the findings of polls that show that 60% of Greeks have expressed their disappointment with their financial situation – some even saying they cannot save a single euro or that they cannot make ends meet.
“How is it that 60% are having a hard time and yet we have long queues at the city exit points every weekend, all the restaurants are full and trips abroad are increasing every year,” say these government officials, directly questioning the findings.
But the one does not refute the other. Indeed, some Greeks have seen their income rise from year to year – 500,000 citizens found work with the recent economic growth – jobs are opening up, business opportunities are appearing, sectors such as tourism, real estate, construction, catering, and manufacturing are developing rapidly. But as the average salary in Greece is rising, so is the cost of living, perhaps even at a faster rate. Inflation emerges in all polls as the most acute problem of Greeks.
Inflation emerges in the supermarket, in energy prices, fuel prices, but especially in rents and real estate sales. You may make more money today than in 2019, but if you have to pay half your income for the higher rent, you are doomed. I remind readers that, according to the Deloitte Property Index, one of the most reliable sources of real estate comparison, Athens is in the top positions of the most expensive real estate in relation to income. To acquire a 70-square-meter apartment in Athens, one needs (rounded) 15 years of wages, the same as in the very expensive Amsterdam. In Paris, you need 14 years of wages, 12 in London, 10 in Lisbon and Madrid, and eight in Rome. But you only need five years in Prague, three in Bratislava, Slovakia, and two years in Turin, Italy.
