Construction in Greece: Key Trends, Opportunities and Forecast Until 2021

Market Research Hub (MRH) has recently broadcasted a new study to its broad research portfolio, which is titled as “Construction in Greece-Key Trends and Opportunities to 2021” report studies Greece’s construction industry has undergone a dramatic decline since 2010 due to depressed economic conditions. The industry was adversely affected by various austerity measures implemented by the government in the form of public expenditure cuts amid the economic crisis; poor business confidence reduced investments in construction projects.

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Following five years of contraction, the Greek construction industry rebounded in 2015, and registered growth of 2.2% in real terms. This recovery continued in 2016 with a growth rate of 0.5% due to slight recovery in the economy, which provided some momentum to the construction activity.

Over the forecast period (20172021), the industry is expected to remain subdued, while experiencing a period of negative growth during 2017 and 2018, as the country is again expected to experience economic instability; further threatening investor confidence. The industry is expected to rebound from 2019, with the economy expected to show positive signs of recovery from the financial crisis. This is expected to accelerate the flow of investments in construction projects.

Summary

• Market Research Hubs Construction in Greece Key Trends and Opportunities to 2021 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 construction activity
• 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

Scope

• This report provides a comprehensive analysis of the construction industry in Greece. It provides:
• Historical (2012-2016) and forecast (2017-2021) 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 sub-sector
• 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)
• Detailed profiles of the leading construction companies in Greece

Reasons to Buy

• Identify and evaluate market opportunities using Market Research Hub'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 strategy using Market Research Hub's critical and actionable insight.
• Assess business risks, including cost, regulatory and competitive pressures.
• Evaluate competitive risk and success factors.

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Key Highlights

• In the wake of economic crisis, the Greek government is considering privatization as a vital means to revitalize economic growth. In April 2017, Fraport Greece, the joint venture between Greeces Copelouzos Group and Fraport AG Frankfurt Airport Services Worldwide, took over the management and development of the countrys 14 airports. Fraport Greece plans to invest over EUR400 million (US$424.6 million) until 2021 to develop infrastructure in these airports.
• In March 2016, the EU approved the development of the Trans-Adriatic Pipeline project in Greece. The project includes the construction of an 878km-long new gas pipeline with an aim to serve the energy needs of over 7.0 million European households, while reducing dependency on Russian gas imports. The total investment of the project is estimated at EUR5.0 billion (US$5.6 billion), while investment in Greece amounts to over EUR2.3 billion (US$2.6 billion), which will be utilized for the construction of the 550.0km-long pipeline. Upon its successful completion in 2020, the pipeline in Greece will connect to Albania at Ieropigi and Turkey at Kiproi.
• Infrastructure development in Greece in recent years has been adversely affected by heavy public expenditure cuts imposed by the government on the back of depressed economic conditions. Over the forecast period, the market is expected to recover slightly supported by the governments effort to develop the countrys transport infrastructure on the back of increasing traffic congestion. Additionally, investments in transport infrastructure projects by international organizations such as the EU are expected to support the market growth. According to Market Research Hub, the infrastructure construction market is expected to post a nominal forecast-period CAGR of 0.67%, compared with -2.83% registered during the review period.
• China has been a vital source of investment for Greece during its economic crisis. In order to further extend its support, in May 2017 the Chinese government announced plans to invest EUR3.2 billion (US$3.4 billion) to develop various energy infrastructure projects and EUR523.8 million (US$556.0 million) to develop fiber optic network infrastructure projects in Greece by 2020.
• The Greek National Tourism Organization aims to promote the country as a 365-day tourist destination, and is therefore focusing on attracting more private sector investments into the tourism sector. Accordingly, in January 2017, the New York-based NCH Capital announced plans to invest EUR100.0 million (US$106.1 million) to develop a modern seaside holiday resort in Kassiopi. Moreover, in September 2017, Four Seasons Hotels and Resorts, in collaboration with Astir Palace Vouliagmeni SA, announced plans to invest EUR100 million (US$106.1 million) to develop the first Four Seasons hotel in the country. The growing inflow of private sector investment in tourism projects is expected to offer a positive outlook for the leisure and hospitality buildings category over the forecast period.

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