Construction activity posts big rebound in November

Construction activity continued its recovery for a second straight month in November, compared with the same month in 2012.

Hellenic Statistical Authority (ELSTAT) data showed on Wednesday an 89 percent jump in volume, along with a 36 percent rise in the number of building permits issued and a 62.8 percent increase in surface area.

A recent analysis report by Alpha Bank attributed the rise in private construction activity, which began in October, to significant extensions to manufacturing units and tourism accommodation properties, mostly in northern Greece (Eastern and Western Macedonia and Thrace) as well as on the Greek islands.

Alpha sees the number of permits and the volume of new buildings growing further in the first quarter of this year, expected to average 15 percent on an annual basis. Consequently investment in housing is expected to stop falling this year after an estimated 35 percent slump in 2013.