Thursday May 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Construction activity declined by 60 pct in September

By Nikos Roussanoglou

Construction activity registered its biggest decline since the start of the crisis in September, according to Hellenic Statistical Authority figures, illustrating the severe and ongoing deterioration of the local property market.

Based on the number of building permits issued, total construction activity in September amounted to 60.4 percent less than a year before – representing a 56.2 percent drop based on surface area and 47.1 percent based on volume. The 1,449 permits issued corresponded to 286,300 square meters and 1.26 million cubic meters.

Despite the steady decline in construction since 2007, having posted a total drop of some 75 percent since the 2005-06 period, the contraction of the market is showing no signs of ending. If anything, the indications point to an acceleration in the industry’s decline rate.

The data illustrate that many construction firms are avoiding new building contracts in a bid to contain the oversupply of houses and reduce the stock of unsold apartments. A large part of that stock is already proving to be a considerable financial burden on the firms due to the Property Tax introduced in 2010, a problem which will be exacerbated by the single real estate tax as of the new year. Unsold apartments are estimated to number 180,000 across the country, with that level remaining unchanged since the start of the financial crisis some three years ago.

The intermediary monetary policy report by the Bank of Greece showed that this large stock of unsold houses is attributed to the fact that the decline in private construction and in investment in the market was proportionate to the drop in the number of house transactions. This has resulted in the number of unsold houses being slightly higher than at end-2008. If activity keeps dropping and transactions do not fall further, then the stock may start diminishing soon.

ekathimerini.com , Wednesday December 12, 2012 (00:17)  
ECB officials say no to easier funds for Greece now
G7 finance chiefs discuss growth risks, urge deal on Greece
ECB working on the assumption that Greece won´t leave euro, says Constancio
Greek bank losses show predicament amid record outflows
Anastasiades, Akinci agree on new crossings on divided island
The Greek and Turkish Cypriot leaders agreed Thursday to open more crossing points and link the mobile phone and electricity networks to help restore trust between their estranged communitie...
Greek gov´t says hopes for deal with lenders by Sunday
Greece's government aims to reach an agreement with its lenders on a cash-for-reforms deal by Sunday, its spokesman said on Thursday, brushing off comments from eurozone officials suggesting...
Inside News
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next season’s Champions League qualifiers, as the Greens made it three out of thr...
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
COMMENTARY
Greece´s Cuban pathway to a parallel currency
The idea of a parallel currency for Greece is worthy of consideration, with even German Finance Minister Wolfgang Schaeuble broaching the possibility as Greece fails to reach an agreement wi...
COMMENTARY
Endless confusion and worry
The Holy See on Wednesday expressed its own view regarding the Greek crisis. Cardinal Pietro Parolin – the Vatican’s equivalent of prime minister – voiced his concern over ongoing negotiatio...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Anastasiades, Akinci agree on new crossings on divided island
2. Greek gov´t says hopes for deal with lenders by Sunday
3. Less than one-in-three chance of Greece leaving eurozone this year
4. ECB officials say no to easier funds for Greece now
5. G7 finance chiefs discuss growth risks, urge deal on Greece
6. EU says Greek deal ´not there yet´
more news
Today
This Week
1. Endless confusion and worry
2. G-7 weighs in on Greece as Tsipras government told to be serious
3. ECB's Nowotny says no to loosening funding for Greece now
4. Lagarde says still much work to do in Greek debt talks
5. Following up on a positive step
6. Greek bank losses show predicament amid record outflows
Today
This Week
1. Conspiracy madness
2. Hotel contracts with a ‘Greek default clause’
3. Neither Grexit nor a dual currency will solve Greece’s problems
4. No more 'quick and dirty' fixes for Greece
5. Some 300 mln left banks on Tuesday
6. Merkel said to plan address for Greece if deal reached
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.