BUSINESS

Drop in home construction sharpens considerably this year

NIKOS ROUSSANOGLOU

TAGS: Economy, Property

Greek home construction has fallen to a new low this year, with data seen by Kathimerini showing that only 3,286 houses were completed in the first five months of 2016, down from 3,766 houses in January-May last year (i.e. a reduction of 12.7 percent on an annual basis).

This is far greater than the decline recorded last year, amounting to just 1.1 percent from the first five months of 2014.

Hellenic Statistical Authority figures have shown a 95 percent drop in the number of new houses from 2007 to the second quarter of this year.

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