Building boom for Mykonos, Santorini and Athens in 2018-data

March 12, 2019

 

 

Greek private construction activity in 2018 rose for a third year in a row, according to figures released by the Hellenic Statistical Authority on Tuesday.

 

Data shows that private building activity, in terms of volume, jumped 21.3 percent to 14.7 million cubic meters. The biggest increase was recorded in the southern Aegean (50.6 percent to 1.2 million square meters ) on islands that include Mykonos and Santorini. In Athens, private buiding activity advanced 47.4 percent to 3.3 million cubic meters.

 

As the country's economy contracted by more than 20 percent during its nine year crisis, the construction sector also took a massive beating but is showing signs of recovery. The volume of private construction activity is edging towards levels seen in 2013, the figures show.

 

Tourism is pushing construction activity with investors building or renovating accomodation units across the country but tight credit conditions are keeping a lid on the sector. Greek banks are struggling to manage some 87 billion euros of bad loans left on their balance sheets by the country's severe economic downturn.

 

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