Greece’s property and construction sector could play a significant role in the country’s economic rebound, thanks in part to the measures on property taxation and bolstering building activity that the new government is about to pass, according to a report by Alpha Bank.
In its economic bulletin published in the end of July, the lender’s analysts wrote that the construction sector’s contribution toward Greece’s gross domestic product amounted to 0.9% over the first quarter of the year, up 32% on an annual basis.
This is the biggest sectoral contribution toward the growth of GDP, the same as that of the tourism sector.
Besides the rise in residential property prices last year, for the first time in a decade, there has also been an increase in the construction sector output index, which last year expanded 18.8 % year-on-year to reach 43.5 points.
Photo: Site Alpha Bank