An increase of 11.1% in issued building permits, a growth of 15.6% in surface area, and a significant rise of 16.8% in construction volume characterize the construction activity in the country for the year 2023.

According to a study by Delfi Partners, the private construction sector also demonstrated impressive results, with a 11% increase in permits, a 15.2% growth in surface area, and a notable 16.4% increase in construction volume.

ATTICA TAKES THE LEAD 

During the first seven months of 2023, the construction sector in Greece experienced a significant increase. Both the overall construction activity, encompassing private and public sectors, and private construction activity showed notable growth compared to the same period in 2022. Attica takes the lead in absolute numbers, issuing 3,539 building permits in 2023.

WHERE PERMITS INCREASED

• Crete: +26.2%

• Mainland Greece: +22%

• Ionian Islands: +21.9%

• Northern Aegean: +20.8%

WHERE THE MARKET IS HEADED

• Green Buildings: Predictions indicate that the green building market is ready to expand at a rate of 9.5% between 2022 and 2030, with the market size estimated to reach around $1.31 trillion by 2030 globally. In the EU, funding of €600 billion is projected by 2027 to support the transition to a greener economy. In Greece, there are already ongoing programs, such as the "Exoikonomo" (conserve energy) initiative.

• Data Centers: Over the next five years, the sector is projected to attract investments of approximately €1.1 billion, maintaining a robust annual growth rate of 8.78%. According to the study, a driving force behind the industry's upward trajectory was the announcement of Microsoft's €1 billion investment in October 2020 in a complex of data centers in the country.

Similar investments followed, with Lamda Hellix, a member of the American group Digital Realty, standing out as it operates data centers that have contributed to a total economic value exceeding €2 billion.

• Logistics: The logistics sector flourished due to the pandemic, and its strong performance is expected to continue. This is largely attributed to the surge in e-commerce, leading to a user penetration rate of 57.2% by 2023, with forecasts for an increase to 66.6% by 2027, creating a need for additional storage space. In this context, the construction of new logistics properties is expected, adding 280,000 square meters to the market by the end of 2024.