Residential construction keeps shrinking

Residential construction in Greece continued to slow in the first half of this year, as only 4,055 new houses were completed in the year to end-June against 4,719 in the same period last year, Hellenic Statistical Authority (ELSTAT) figures showed on Wednesday. This constitutes an annual decline of 14 percent.

In recent years the industry has remained on a southbound course, as at this rate the total figure of new houses for the year will not exceed 8,500-9,000, against 9,553 in 2014 and 11,748 in 2013.

Investment in new residential construction has dropped 95 percent since 2007, ELSTAT figures have shown.