Rent or Buy? Greece ranks second lowest in the world

Rent costs, as a percentage of total monthly living expenses, in Greece are the second lowest in the world, according to

Based on an assessment of more than 50 developed nations (as defined by the United Nations), Greeks spend 19.73 percent of their monthly budget on rent, amounting to the second lowest rent expense globally after Saudi Arabia.

The figures put together by show that the average monthly rent for a three bedroom house in Greece reaches 526 euros, versus total monthly living expenses of 2,141 euros for a four person family.

“We’ve looked at the average cost of rent for a three-bed property in over 50 countries around the world and compared it to the cost of living for a family of four, including food shopping, utilities, transportation, leisure and more,” says the site.

In neighboring Turkey, rent costs are also among the cheapest in the world where the monthly bill reaches an estimated at 290 euros, against a total monthly budget of 1,154 euros.

At the other end of the spectrum is Singapore where rents demand 50.2 percent of monthly spending for a four person family. In Europe, the biggest relative rent bills are paid in Ireland (37 percent) and the United Kingdom (32 percent).