BUSINESS

Tourism-driven regions prop up construction

NIKOS ROUSSANOGLOU

TAGS: Economy

The Cyclades islands, Attica, the Ionian islands and Crete played a leading role last year in the growth in the volume of private construction activity, reflecting trends in the property market.

According to the latest figures released on Tuesday by the Hellenic Statistical Authority, based on the number of building permits issued, total construction activity increased 11.9 percent last year from 2017. There was also a 23.6 percent increase in surface area and 21.3 percent growth in terms of volume.

However, the four regions mentioned above observed much sharper growth than the rest of the country, where activity is either stagnant or slightly up or down, depending on whether any major projects are under way.

The great demand for residential property in the center of Athens that would meet the high demand for short-term rentals has also boosted building permit figures, as many of the homes listed online require extensive renovation work. There are also many new properties as well as small hotels under development in the broader central Athens area. Thanks to this, over the first 11 months of 2018, private construction activity in Attica posted a remarkable 46.7 percent annual increase.

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