ECONOMY

Construction of residential buildings drops further

The construction of new residential buildings across the country is expected to post a significant decline for one more year at the end of December, as in the first seven months only 5,637 new houses and apartment blocks were completed against 7,009 in the same period in 2013, according to data released on Tuesday by the Hellenic Statistical Authority (ELSTAT).

In July alone 1,059 residential buildings were completed, against 1,214 a year earlier.

A recent report by Alpha Bank anticipated a yearly decline of 22 percent to 2.8 billion euros in construction investment.

Investment in construction peaked in 2007 at 26.1 billion euros.