The real estate and construction markets are likely victims of the Greek financial crisis as recent figures show a 5 percent decline from the same period last year.
According to the latest figures from Greece’s statistical agency ELSTAT, only 2,751 new homes were built across the country in the first quarter, owing largely to an environment of political and economic uncertainty and Greece’s relationship with its creditors.
The Overall Material Costs Index in Construction of New Residential Buildings in July 2016 compared with the corresponding index of July 2015 recorded a decrease of 1.8%. The index in July 2015 had recorded a decrease of 1.7% compared with the corresponding index of July 2014.
The Overall Material Costs Index in July 2016 compared with the corresponding index of June 2016 recorded a decrease of 0.1%. The index had recorded a decrease of 0.2% between July 2015 and June 2015.
The average Material Costs Index for the twelve-month period from August 2015 to July 2016, compared with the same index for the twelve-month period from August 2014 to July 2015, decreased by 2.1%. The comparison of the twelve-month average Material Costs Index in the corresponding previous twelve-month periods showed a decrease of 2.2%.