A recent survey in the Deloitte’s Global M&A Construction Monitor shows a recovery of Greece’s domestic construction industry, as well as rising demand for residential and commercial real estate, ANA reports.
The Greek construction industry is projected to recover in the period 2018-2022, with an estimated compound annual growth rate of 4.7 pct from -2.4% in the period 2013-2017.
Total construction projects, valued at 25 million dollars or more, are expected to reach 67 billion euros, of which 47.5 pct of projects are already under preparation and execution as of November 2018.
The housing market had remained stagnant during the recession in Greece due to limited liquidity and a high supply of homes. In the last two years, the demand for residential real estate has increased, mainly due to the impact of short-term leases (eg Airbnb), the Golden Visa program and the introduction of new agents (Russia and China), coupled with the lack of new construction during the decade-long recession. As a result, home prices rose 1.6 pct in 2018, according to the Bank of Greece, while accelerating by 4 pct in the first quarter of 2019. This trend is expected to be further strengthened, among others, due to the boom in the Greek tourism industry.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: pixabay.com
