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Construction in Greece – Key Trends and Opportunities to 2021

Construction in Greece – Key Trends and Opportunities to 2021

Synopsis

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.

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 (2017–2021), 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

Timetric’s 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 Timetric'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 Timetric's critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.
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 Greece’s Copelouzos Group and Fraport AG Frankfurt Airport Services Worldwide, took over the management and development of the country’s 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 government’s effort to develop the country’s 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 Timetric, 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.


  • Executive Summary
  • Industry Outlook
    • Commercial Construction
    • Industrial Construction
    • Infrastructure Construction
    • Energy and Utilities
    • Institutional Construction
    • Residential Construction
  • Key Issues and Developments
  • Market Data Analysis
    • Construction Output and Value Add
      • Construction output by project type
        • Table Greek Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Construction Output by Project Type (EUR Million), 2016–2021
      • Construction output by cost type
        • Table Greek Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Construction Output by Cost Type (EUR Million), 2016–2021
      • Construction output by activity type
        • Table Greek Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Construction Output by Activity Type (EUR Million), 2016–2021
      • Construction value add by project type
        • Table Greek Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Construction Value Add by Project Type (EUR Million), 2016–2021
    • Commercial Construction
      • Commercial construction output by project type
        • Table Greek Commercial Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Commercial Construction Output by Project Type (EUR Million), 2016–2021
      • Commercial construction output by cost type
        • Table Greek Commercial Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Commercial Construction Output by Cost Type (EUR Million), 2016–2021
      • Commercial construction output by activity type
        • Table Greek Commercial Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Commercial Construction Output by Activity Type (EUR Million), 2016–2021
      • Commercial construction value add by project type
        • Table Greek Commercial Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Commercial Construction Value Add by Project Type (EUR Million), 2016–2021
    • Industrial Construction
      • Industrial construction output by project type
        • Table Greek Industrial Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Industrial Construction Output by Project Type (EUR Million), 2016–2021
      • Industrial construction output by cost type
        • Table Greek Industrial Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Industrial Construction Output by Cost Type (EUR Million), 2016–2021
      • Industrial construction output by activity type
        • Table Greek Industrial Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Industrial Construction Output by Activity Type (EUR Million), 2016–2021
      • Industrial construction value add by project type
        • Table Greek Industrial Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Industrial Construction Value Add by Project Type (EUR Million), 2016–2021
    • Infrastructure Construction
      • Infrastructure construction output by project type
        • Table Greek Infrastructure Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Infrastructure Construction Output by Project Type (EUR Million), 2016–2021
      • Infrastructure construction output by cost type
        • Table Greek Infrastructure Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Infrastructure Construction Output by Cost Type (EUR Million), 2016–2021
      • Infrastructure construction output by activity type
        • Table Greek Infrastructure Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Infrastructure Construction Output by Activity Type (EUR Million), 2016–2021
      • Infrastructure construction value add by project type
        • Table Greek Infrastructure Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Infrastructure Construction Value Add by Project Type (EUR Million), 2016–2021
    • Energy and Utilities Construction
      • Energy and utilities construction output by project type
        • Table Greek Energy and Utilities Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Energy and Utilities Construction Output by Project Type (EUR Million), 2016–2021
      • Energy and utilities construction output by cost type
        • Table Greek Energy and Utilities Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Energy and Utilities Construction Output by Cost Type (EUR Million), 2016–2021
      • Energy and utilities construction output by activity type
        • Table Greek Energy and Utilities Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Energy and Utilities Construction Output by Activity Type (EUR Million), 2016–2021
      • Energy and utilities construction value add by project type
        • Table Greek Energy and Utilities Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Energy and Utilities Construction Value Add by Project Type (EUR Million), 2016–2021
    • Institutional Construction
      • Institutional construction output by project type
        • Table Greek Institutional Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Institutional Construction Output by Project Type (EUR Million), 2016–2021
      • Institutional construction output by cost type
        • Table Greek Institutional Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Institutional Construction Output by Cost Type (EUR Million), 2016–2021
      • Institutional construction output by activity type
        • Table Greek Institutional Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Institutional Construction Output by Activity Type (EUR Million), 2016–2021
      • Institutional construction value add by project type
        • Table Greek Institutional Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Institutional Construction Value Add by Project Type (EUR Million), 2016–2021
    • Residential Construction
      • Residential construction output by project type
        • Table Greek Residential Construction Output by Project Type (EUR Million), 2012–2016
        • Table Greek Residential Construction Output by Project Type (EUR Million), 2016–2021
      • Residential construction output by cost type
        • Table Greek Residential Construction Output by Cost Type (EUR Million), 2012–2016
        • Table Greek Residential Construction Output by Cost Type (EUR Million), 2016–2021
      • Residential construction output by activity type
        • Table Greek Residential Construction Output by Activity Type (EUR Million), 2012–2016
        • Table Greek Residential Construction Output by Activity Type (EUR Million), 2016–2021
      • Residential construction value add by project type
        • Table Greek Residential Construction Value Add by Project Type (EUR Million), 2012–2016
        • Table Greek Residential Construction Value Add by Project Type (EUR Million), 2016–2021
  • Company Profile: Consolidated Contractors Co.
    • Consolidated Contractors Co. – Company Overview
      • Table Consolidated Contractors Co, Key Facts
    • Consolidated Contractors Co – Business Description
    • Consolidated Contractors Co – Main Services
      • Table Consolidated Contractors Co, Main Services
    • Consolidated Contractors Co. – History
      • Table Consolidated Contractors Co., History
    • Consolidated Contractors Co. – Company Information
      • Consolidated Contractors Co. – key competitors
      • Consolidated Contractors Co. – key employees
        • Table Consolidated Contractors Co., Key Employees
  • Company Profile: Ellaktor SA
    • Ellaktor SA – Company Overview
      • Table Ellaktor SA, Key Facts
    • Ellaktor SA – Business Description
    • Ellaktor SA – Main Services
      • Table Ellaktor SA, Main Services
    • Ellaktor SA – History
      • Table Ellaktor SA, History
    • Ellaktor SA – Company Information
      • Ellaktor SA – key competitors
      • Ellaktor SA – key employees
        • Table Ellaktor SA, Key Employees
  • Company Profile: GEK TERNA Group of Companies
    • GEK TERNA Group of Companies – Company Overview
      • Table GEK TERNA Group of Companies, Key Facts
    • GEK TERNA Group of Companies – Main Services
      • Table GEK TERNA Group of Companies, Main Services
    • GEK TERNA Group of Companies – History
      • Table GEK TERNA Group of Companies, History
    • GEK TERNA Group of Companies – Company Information
      • GEK TERNA Group of Companies – key competitors
      • GEK TERNA Group of Companies – key employees
        • Table GEK TERNA Group of Companies, Key Employees
  • Company Profile: Metka SA
    • Metka SA – Company Overview
      • Table Metka SA, Key Facts
    • Metka SA – Main Products and Services
      • Table Metka SA, Main Products and Services
    • Metka SA – History
      • Table Metka SA, History
    • Metka SA – Company Information
      • Metka SA – key competitors
      • Metka SA – key employees
        • Table Metka SA, Key Employees
  • Company Profile: J&P – Avax SA
    • J&P – Avax SA – Company Overview
      • Table J&P – Avax SA, Key Facts
    • J&P – Avax SA – Business Description
    • J&P – Avax SA – Main Products and Services
      • Table J&P – Avax SA, Main Products and Services
    • J&P – Avax SA – History
      • Table J&P – Avax SA, History
    • J&P – Avax SA – Company Information
      • J&P – Avax SA – key competitors
      • J&P – Avax SA – key employees
        • Table J&P – Avax SA, Key Employees
  • Appendix
    • What is this Report About?
    • Definitions
      • Table Timetric Construction Market Definitions
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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