Construction in Greece - Key Trends and Opportunities to 2018 - New Study Released

The Greek construction industry recorded a CAGR of -21.55% during the review period (2009-2013). During the review period, construction industry growth was severely affected by the eurozone crisis, and prospects for growth are likely to remain subdued over the forecast period (2014-2018), due to the austerity measures specified by the 'troika' - the International Monetary Fund (IMF), the European Union (EU) and the European Central Bank (ECB) - for supplying bailout loans. The government's initiative to promote the country as a logistics hub and tourist destination will attract investments in the commercial and infrastructure markets. Consequently, the construction industry's output is expected to record a CAGR of 0.02% over the forecast period.

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Report Highlights

* After recording negative growth from 2008 to 2013, a 0.6% positive economic growth is expected in 2014, but the pace of recovery in the construction industry is likely to remain bleak over the forecast period due to reduced investment. According to Elstat the construction production index declined from 39.6 in 2012 to 38.0 in 2013. The total number of building permits declined from 1,428 in January 2013 to 917 in January 2014, a decline of -35.3%. The declines in both private and public building activities represents the subdued growth in the construction activity over the forecast period.
* According to the Finance Ministry, a new real estate tax, introduced in 2013, is expected to generate EUR2.6 billion (US$3.4 billion) in 2014. The new tax, which has replaced a series of property taxes, is applicable from the first square meter on every apartment, office or store and will vary depending on the type and region of building. One of the earlier tax includes an exemption of EUR200,000.0 (US$265,151.2) for the first home buyer. The taxpayer will have to pay 25.0% more tax for the buildings less than or up to four years old, than for old buildings. Owners without any pending debts, or those with property less than 150.0m2, will be applicable for 50.0% tax exemption. Additional tax ranging from 0.1% to 1.0% will be applicable for the property, whose value exceeds EUR300,000.0 (US$397,726.7). The introduction of new tax is expected to negatively impact the growth of the construction industry over the forecast period.

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