As Greece is actually in its sixth consecutive year of recession, there’s still no sign of life in the real estate and construction sectors.
According to the numbers presented by the Greek Statistical Service, ELSTAT, only 2,751 new homes are being built across Greece in the first four months of the year, down five per cent from an already low figure over the same period last year.
Last year’s numbers were attributed to the political instability caused by the long election period as well as the effect of the time consuming negotiations between Greece and its creditors, which further created financial uncertainty.
Proof of the dire situation the sector is in can be found in the general index for construction materials, which dropped 1.8 per cent in July from the same month last year, which had recorded a drop of 1.7 per cent from July 2014.
In terms of volume, private construction over the five-month period to May was down 21.2 per cent, from a rise of 15.7 per cent during the same period last year.
New building permits dropped 16.3 per cent in the five-month period, after rising 2.4 per cent a year earlier.
