Construction in greece – key trends and opportunities to 2018

Construction in Greece – Key Trends and
Opportunities to 2018
by
Timetric
Explore all reports for
“Construction”
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Synopsis
This report provides detailed market analysis, information and insights into the Greek
construction industry including:
The Greek construction industry's growth prospects by market, project type and type of
construction activity
Analysis of equipment, material and service costs across each project type within Greece
Critical insight into the impact of industry trends and issues, and the risks and
opportunities they present to participants in the Greek construction industry
Analyzing the profiles of the leading operators in the Greek construction industry.
Data highlights of the largest construction projects in Greece
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Summary
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.
Scope
This report provides a comprehensive analysis of the construction industry in Greece. It
provides:
Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry
in Greece using construction output and value-add methods
Segmentation by sector (commercial, industrial, infrastructure, institutional and
residential) and by project type
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Key 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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Construction in greece – key trends and opportunities to 2018

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Construction in greece – key trends and opportunities to 2018