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Construction in Greece - Key Trends and Opportunities to 2023

Construction in Greece - Key Trends and Opportunities to 2023

Summary

In real terms, the Greek construction industry recovered in 2018, after registering a lackluster performance in 2017. This recovery was driven by positive developments in economic conditions, which led to a revival in both investor and consumer confidence. Consequently, the country's construction industry registered a growth of 7.9% in 2018 in real terms, which was up from 0.4% in 2017.

The industry is expected to continue to expand in 2019, with the industry's output expected to register growth of 20% in real terms that year. The industry got off to a good start in 2019; in the first two quarters of the year (the latest data available at the time of writing), the construction industry's value-add grew by 35.1% year-on-year.

Investment in transport, energy, housing and commercial infrastructure projects is expected to support the industry over the forecast period (2019-2023). The government plans to invest EUR2.8 billion (US$3.2 billion) in transport networks during the period of 2019-2027. The focus on the development of renewable energy infrastructure is also expected to drive industry growth. The government aims to generate 35% of the country's total gross energy consumption from renewable sources by 2030.

Financial assistance from the European Union (EU) to develop the country's overall infrastructure will also support the industry's growth over the forecast period. Under the European Fund for Strategic Investments (EFSI) program, Greece is expected to receive EUR11.2 billion (US$13 billion) in new investments by 2020. In April 2019, the EU agreed to invest EUR230 million (US$267.5 million) to develop two large infrastructure projects in the country. Of this total, EUR135 million (US$157 million) will be invested in the Syzefxis II public telecom system project, while EUR95 million (US$110.5 million) will be used to construct an electrical interconnection between the Peloponnese peninsula and the island of Crete.

The industry's output value in real terms is expected to post a compound annual growth rate (CAGR) of 5.92% over the forecast period.

Key Highlights

- GlobalData expects the residential construction market to increase its market share over the forecast period, and account for 33.4% of the industry's total value in 2023. Market expansion over the forecast period is expected to be driven by expanding economic activities, coupled with public and private sector investments in the construction of new residential buildings to meet the demand for housing. The government's effort to attract foreign investment into the country's residential market through the Golden Visa program is also expected to drive the market's forecast-period growth.
- Forecast-period growth in the energy and utilities construction market will be driven by the government's focus on the development of renewable energy infrastructure. The government aims to increase the share of renewable energy in terms of the gross total energy consumption from 15.2% in 2016 to 35% in 2030. The government plans to auction 2.6GW of solar and wind energy by 2020.
- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 7.07% in nominal terms in 2023, driven by government's investment on the development of the country's rail, road, airport and other core transport infrastructure under the National Transport Plan. The plan seeks to invest EUR2.8 billion (US$3.2 billion) to develop the country's transport network during the period of 2019-2027.
- Forecast-period growth will be supported by the government's investment in institutional buildings. With an investment of EUR290.2 million (US$342 million), the government is renovating the US Embassy building in Athens. The project involves the construction of new office spaces, the up-gradation of the original embassy building structure and other related facilities. The project is scheduled to be completed in 2022.
- The total construction project pipeline in Greece - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at EUR57.3 billion (US$67.6 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 66.3% of the pipeline value being in projects in the pre-execution and execution stages as of November 2019.

GlobalData's Construction in Greece - Key Trends and Opportunities to 2023 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, as well as an analysis of key risks and opportunities in the Greek construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Greece. It provides -
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Greece, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to buy

- Identify and evaluate market opportunities using GlobalData'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 GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Construction in Greece - Key Trends and Opportunities to 2023
Published By :GlobalData
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