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Construction in Greece - Key Trends and Opportunities to 2019

  • September 2015
  • 75 pages
  • Timetric
Report ID: 3311636

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Synopsis
In real terms, the Greek construction industry suffered a sharp decline in the wake of the financial crisis, contracting by 76.4% between 2008 and 2014. This decline reflects the sharp contraction in the country’s economy amid the wider financial crisis in the eurozone region.

The deterioration in the government’s finances, alongside weak business confidence and consumer demand greatly affected demand for construction activity during the review period (2010–2014).

Growth prospects are also limited over the forecast period (2014–2019), owing to a weak property market, subdued public spending and lack of investor confidence. The latest round of elections in September 2015, which resulted in a victory for the incumbent Syriza government, has at least brought about some stability in the political environment.

In real terms, the industry’s output value registered a compound annual growth rate (CAGR) of -25.35% during the review period. Over the forecast period the contraction will be at a slower pace, at a CAGR of -1.98%.

Summary
Timetric’s Construction in Greece – Key Trends and Opportunities to 2019 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 for each project type in 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

- Profiles of the leading operators in the Greek construction industry.

- Data highlights of the largest construction projects in Greece

Scope
This report provides a comprehensive analysis of the construction industry in Greece. It provides:

- Historical (2010-2014) and forecast (2015-2019) valuations of the construction industry in Greece using construction output and value-add methods

- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type

- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)

- Analysis of key construction industry issues, including regulation, cost management, funding and pricing

- Detailed profiles of the leading construction companies in Greece

Reasons To Buy
- Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies

- Assess market growth potential at a micro-level with over 600 time-series data forecasts

- Understand the latest industry and market trends

- Formulate and validate business strategies using Timetric's critical and actionable insight

- Assess business risks, including cost, regulatory and competitive pressures

- Evaluate competitive risk and success factors

Key Highlights
- In order to improve the country’s transport facilities, the European Investment Bank (EIB) has approved EUR815.0 million (US$1.05 billion) for the development of the country’s transportation infrastructure. This amount is to be invested in the construction of 239km of new highways, and the renovation of 434km of motorway road on the Patras–Athens–Thessaloniki transport corridor. This financial aid by the EIB will help construction activity for the infrastructure market over the forecast period.

- In June 2015, Greece became the first developing country to default on a loan repayment to the International Monetary Fund (IMF). In subsequent negotiations, a number of austerity measures were imposed by the European Union (EU) as a pre-condition for a third bailout package. These conditions will continue to undermine growth prospects in the industry. A decline in manufacturing confidence and weak export demand is also expected to hamper growth.

- To improve the depressed housing market, the government approved residence permits for non-EU citizens in 2013, as also adopted by Spain and Portugal. These permits will be offered to non-EU citizens who invest EUR250.0 million (US$326.0 million) in property. The permit will be valid for five years and open for renewal until the holder possesses the property. This initiative is likely to attract foreign investments in the housing market, supporting the residential construction market over the forecast period.

- In July 2015, Greece announced its alliance with Russia for the development of the Turkish stream line project called as Trans Adriatic Pipeline (TAP) in the country. The project is aimed at enhancing the security of supply and diversifying gas supplies for the European markets. The project is expected to start in 2016 and be completed by 2020.

- In order to develop the country’s transportation infrastructure, the government is investing in various railway infrastructure development projects, such as the construction of a 19.4km long underground public transport system in Thessaloniki. The project is scheduled for completion in 2018. Another major investment includes the construction of the Attiko metro line in Athens, which is expected to be completed by 2026.

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