Greece: Construction needs solid ground
While the multifactorial economic crisis has reached almost every corner of the world it becomes obvious that the market favours those who can endure. Greece, having endured the waves of the crisis by displaying high levels of adaptability, innovation and consistency, has become an international point of reference, especially in the region of Southeast Europe and East Mediterranean, for stability and business growth.
- Greece as a safe destination and the bridge between continents
Greece, for once more, and due to the effective handling of the pandemic, ranks as one of the safest destinations in the world for 2021, rendering it as the ideal destination for business activity. Its geographic position as the bridge between three continents, its membership in European Union and the Eurozone renders Greece the natural economic hub of Southeast Europe, the ideal gateway to the markets of Middle East, Western Europe and North Africa and an emerging logistics hub for the entire region.
- Infrastructure spending
Greece has a relatively developed infrastructure that enables the uninterrupted implementation of most investment activities. Nevertheless the quality of infrastructure and the need for investments in terms of both capacity expansion and quality improvement is evident. For that reason through EU funding and private investor participation there are 75 infrastructure projects in the pipeline for completion by 2023, an investment of €22,4 bln. By claiming your share on that budget you become a part of a development that affects the whole region creating continuous opportunities in the future.
- Renovation and energy efficiency upgrade dominates the domestic market
According to studies conducted by the Greek Ministry of Environment and Energy (more than 500.000 energy inspections in buildings have been completed in the last 3 years) the majority of the buildings have ranked at G category meaning high energy costs and very low energy performance. Since Greece is trying hard to implement and comply with EU regulations relating to the energy sector, the timing is excellent for promoting the advantages of energy efficient upgrades through modern building materials for financial and environmental reasons. In this context, Greece earmarks at least €850 million for energy efficiency in the private buildings sector, including incentives for the use of renewable energy for self-consumption and the introduction of solutions for smart home.
- Construction activity remains strong
Despite the pandemic that has frozen construction activity in the most countries of the world, Greece displays again its high endurance and its stability by cashing in the excellent management of this unprecedented situation. Measures to boost construction has led to gains, in the number of permits, surface area and volume of construction. Specifically, during 2020, the number of building permits was up 15.9% compared with 2019, the surface area under construction grew 17.4%, while volume was up 18.1%.
Rise in building permits
Rise in building surface area
Rise in building volume
In just a few years, Greece has gone from a risky prospect to a must-have destination for global hospitality investors. Build Expo Greece is the well-founded hub for the industry and an exceptional tool for promoting business cooperation throughout the markets of the region.