Construction in Greece - Key Trends and Opportunities to 2018

Published: Jun, 2014 | Pages: 71 | Publisher: Timetric
Industry: Construction | Report Format: Electronic (PDF)


Synopsis
This report provides detailed market analysis, information and insights into the Greek construction industry including:
The Greek construction industry's growth prospects by market, project type and type of construction activity
Analysis of equipment, material and service costs across each project type within Greece
Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Greek construction industry
Analyzing the profiles of the leading operators in the Greek construction industry.
Data highlights of the largest construction projects in Greece 

Summary
The Greek construction industry recorded a CAGR of -21.55% during the review period (2009-2013). During the review period, construction industry growth was severely affected by the eurozone crisis, and prospects for growth are likely to remain subdued over the forecast period (2014-2018), due to the austerity measures specified by the 'troika' - the International Monetary Fund (IMF), the European Union (EU) and the European Central Bank (ECB) - for supplying bailout loans. The government's initiative to promote the country as a logistics hub and tourist destination will attract investments in the commercial and infrastructure markets. Consequently, the construction industry's output is expected to record a CAGR of 0.02% over the forecast period. 
Scope
This report provides a comprehensive analysis of the construction industry in Greece. It provides:
Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in Greece using construction output and value-add methods
Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
Analysis of key construction industry issues, including regulation, cost management, funding and pricing
Detailed profiles of the leading construction companies in Greece 
Reason To Buy
 Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
Assess market growth potential at a micro-level with over 600 time-series data forecasts
Understand the latest industry and market trends
Formulate and validate business strategies using Timetric's critical and actionable insight
Assess business risks, including cost, regulatory and competitive pressures
Evaluate competitive risk and success factors  
Key Highlights
 After recording negative growth from 2008 to 2013, a 0.6% positive economic growth is expected in 2014, but the pace of recovery in the construction industry is likely to remain bleak over the forecast period due to reduced investment. According to Elstat the construction production index declined from 39.6 in 2012 to 38.0 in 2013. The total number of building permits declined from 1,428 in January 2013 to 917 in January 2014, a decline of -35.3%. The declines in both private and public building activities represents the subdued growth in the construction activity over the forecast period.
According to the Finance Ministry, a new real estate tax, introduced in 2013, is expected to generate EUR2.6 billion (US$3.4 billion) in 2014. The new tax, which has replaced a series of property taxes, is applicable from the first square meter on every apartment, office or store and will vary depending on the type and region of building. One of the earlier tax includes an exemption of EUR200,000.0 (US$265,151.2) for the first home buyer. The taxpayer will have to pay 25.0% more tax for the buildings less than or up to four years old, than for old buildings. Owners without any pending debts, or those with property less than 150.0m2, will be applicable for 50.0% tax exemption. Additional tax ranging from 0.1% to 1.0% will be applicable for the property, whose value exceeds EUR300,000.0 (US$397,726.7). The introduction of new tax is expected to negatively impact the growth of the construction industry over the forecast period.
To stimulate growth in renewable energy, the government provided a Renewable Energy Source (RES) fund to support renewable energy producers, but the mounting debt in the fund forced the government to impose cuts in the feed-in-tariff (FIT). According to Greek electricity market operator Lagie AS, the RES fund deficit increased from EUR340.7 million (US$438.0 million) in 2012 to EUR549.8 million (US$755.6 million) in 2013. The new FIT cut, which came into effect on June 2013, includes that a plant under 100KW will receive a cut of EUR95.0 per megawatt (US$125.9), whereas the plants above 100KW will receive EUR120.0 per megawatt (US$159.1) - a 44.0% cut. Although the country added a 1,047.0MW solar plant in 2013, and is approaching towards its goal to add 2.2GW by 2020, the recent cuts will result in a marginal growth in the energy and telecommunications infrastructure category over the forecast period.
According to ELSTAT, the annual turnover index for the manufacturing industry in the total market declined from 96.6 in February 2013 to 96.3 in February 2014, indicating a decline of -0.3%, which is less than the decline of -8.1% registered between the period February 2012 and February 2013. According to Markit, a global financial information and services company, the manufacturing purchasing managers index (PMI) was 51.2 in January 2014, registering the first above-50 reading since August 2009. This improvement was a result of the rise in export demand and new orders, indicating stabilization in the manufacturing industry. Despite an improved PMI, the investment is likely to remain cautious, signaling subdued demand for the construction of manufacturing plants over the forecast period.
The country was forced to cut its healthcare budget by 25.0% between 2009 and 2011 in exchange for the EUR240.0 billion (US$329.0 billion) bailout program. The country's healthcare insurance was linked to employment, and the rise in unemployment has left many people without access to healthcare services. Healthcare spending per capita was EUR1,699.9 (US$2,361.0) in 2011, much lower compared with Organization for Economic Co-operation and Development (OECD) average of EUR2,404.1 (US$3,339.0) in 2011. Moreover, to reduce costs, the government is consolidating clinics and forming a primary healthcare network. As a result, the attractiveness of the healthcare system is likely to be diminished over the forecast period.

 1 Executive Summary
2 Market Overview
2.1 Key Trends and Issues
2.2 Benchmarking by Market Size and Growth
3 Commercial Construction
3.1 Performance Outlook
3.2 Key Trends and Issues
3.3 Data and Project Highlights
4 Industrial Construction
4.1 Performance Outlook
4.2 Key Trends and Issues
4.3 Data and Project Highlights
5 Infrastructure Construction
5.1 Performance Outlook
5.2 Key Trends and Issues
5.3 Data and Project Highlights
6 Institutiol Construction
6.1 Performance Outlook
6.2 Key Trends and Issues
6.3 Data and Project Highlights
7 Residential Construction
7.1 Performance Outlook
7.2 Key Trends and Issues
7.3 Data and Project Highlights
8 Company Profile: Consolidated Contractors Company
8.1 Consolidated Contractors Company - Company Overview
8.2 Consolidated Contractors Company - Business Description
8.3 Consolidated Contractors Company - Main Services
8.4 Consolidated Contractors Company - History
8.5 Consolidated Contractors Company - Company Information
8.5.1 Consolidated Contractors Company - key competitors
8.5.2 Consolidated Contractors Company - key employees
9 Company Profile: Ellaktor SA
9.1 Ellaktor SA - Company Overview
9.2 Ellaktor SA - Business Description
9.3 Ellaktor SA - Main Services
9.4 Ellaktor SA - History
9.5 Ellaktor SA - Company Information
9.5.1 Ellaktor SA - key competitors
9.5.2 Ellaktor SA - key employees
10 Company Profile: J&P-Avax SA
10.1 J&P-Avax SA - Company Overview
10.2 J&P-Avax SA - Business Description
10.3 J&P-Avax SA - Main Products and Services
10.4 J&P-Avax SA - History
10.5 J&P-Avax SA - Company Information
10.5.1 J&P-Avax SA - key competitors
10.5.2 J&P-Avax SA - key employees
11 Company Profile: Ter SA
11.1 Ter SA - Company Overview
11.2 Ter SA - Main Services
11.3 Ter SA - Company Information
11.3.1 Ter SA - key competitors
11.3.2 Ter SA - key employees
12 Company Profile: GEK Ter Group of Companies
12.1 GEK Ter Group of Companies - Company Overview
12.2 GEK Ter Group of Companies - Main Services
12.3 GEK Ter Group of Companies - Company Information
12.3.1 GEK Ter Group of Companies - key competitors
12.3.2 GEK Ter Group of Companies - key employees
13 Market Data Alysis
13.1 Construction Output and Value Add
13.1.1 Construction output by project type
13.1.2 Construction output by cost type
13.1.3 Construction output by activity type
13.1.4 Construction value add by project type
13.2 Commercial Construction
13.2.1 Commercial construction output by project type
13.2.2 Commercial construction output by cost type
13.2.3 Commercial construction output by activity type
13.2.4 Commercial construction value add by project type
13.3 Industrial Construction
13.3.1 Industrial construction output by project type
13.3.2 Industrial construction output by cost type
13.3.3 Industrial construction output by activity type
13.3.4 Industrial construction value add by project type
13.4 Infrastructure Construction
13.4.1 Infrastructure construction output by project type
13.4.2 Infrastructure construction output by cost type
13.4.3 Infrastructure construction output by activity type
13.4.4 Infrastructure construction value add by project type
13.5 Institutiol Construction
13.5.1 Institutiol construction output by project type
13.5.2 Institutiol construction output by cost type
13.5.3 Institutiol construction output by activity type
13.5.4 Institutiol construction value add by project type
13.6 Residential Construction
13.6.1 Residential construction output by project type
13.6.2 Residential construction output by cost type
13.6.3 Residential construction output by activity type
13.6.4 Residential construction value add by project type
14 Appendix
14.1 What is This Report About?
14.2 Definitions
14.3 Summary Methodology
14.4 Methodology
14.5 Contact Timetric
14.6 About Timetric
14.7 Timetric's Services
14.8 Disclaimer


List of Tables
Table 1: Benchmarking with Other Major Construction Industries
Table 2: Commercial Construction Project 1 - DCI - Lavender Bay Resort - Magnesia
Table 3: Commercial Construction Project 2 - Artume - Academy Gardens Shopping Center - Athens
Table 4: Commercial Construction Project 3 - DCI - Porto Heli Collection Development - Greece
Table 5: Industrial Construction Project 1 - MoC - Corfu Waste Magement Facility - Greece
Table 6: Industrial Construction Project 2 - Eldorado - Skouries Gold Mine Development - Greece
Table 7: Infrastructure Construction Project 1 - YPOMEDI - Elefsi to Tsako Motorway - Greece
Table 8: Infrastructure Construction Project 2 - TAP - Trans Adriatic Pipeline - Greece
Table 9: Infrastructure Construction Project 3 - Attiko Metro/MITN - Athens Metro Line IV - Greece
Table 10: Institutiol Construction Project 1 - SNF - Stavros Niarchos Foundation Cultural Center - Athens
Table 11: Residential Construction Project 1 - GRCI - SunTrust Mixed-use Development - Greece
Table 12: Consolidated Contractors Company, Key Facts
Table 13: Consolidated Contractors Company, Main Services
Table 14: Consolidated Contractors Company, History
Table 15: Consolidated Contractors Company, Key Employees
Table 16: Ellaktor SA, Key Facts
Table 17: Ellaktor SA, Main Services
Table 18: Ellaktor SA, History
Table 19: Ellaktor S.A. Key Employees
Table 20: J&P-Avax SA, Key Facts
Table 21: J&P-Avax SA, Main Products and Services
Table 22: J&P-Avax SA, History
Table 23: J&P-Avax SA, Key Employees
Table 24: Ter SA, Key Facts
Table 25: Ter SA, Main Services
Table 26: Ter SA, Key Employees
Table 27: GEK Ter Group of Companies, Key Facts
Table 28: GEK Ter Group of Companies, Main Services
Table 29: GEK Ter Group of Companies, Key Employees
Table 30: Greek Construction Output by Project Type (EUR Million), 2009-2013
Table 31: Greek Construction Output by Project Type (EUR Million), 2013-2018
Table 32: Greek Construction Output by Cost Type (EUR Million), 2009-2013
Table 33: Greek Construction Output by Cost Type (EUR Million), 2013-2018
Table 34: Greek Construction Output by Activity Type (EUR Million), 2009-2013
Table 35: Greek Construction Output by Activity Type (EUR Million), 2013-2018
Table 36: Greek Construction Value Add by Project Type (EUR Million), 2009-2013
Table 37: Greek Construction Value Add by Project Type (EUR Million), 2013-2018
Table 38: Greek Commercial Construction Output by Project Type (EUR Million), 2009-2013
Table 39: Greek Commercial Construction Output by Project Type (EUR Million), 2013-2018
Table 40: Greek Commercial Construction Output by Cost Type (EUR Million), 2009-2013
Table 41: Greek Commercial Construction Output by Cost Type (EUR Million), 2013-2018
Table 42: Greek Commercial Construction Output by Activity Type (EUR Million), 2009-2013
Table 43: Greek Commercial Construction Output by Activity Type (EUR Million), 2013-2018
Table 44: Greek Commercial Construction Value Add by Project Type (EUR Million), 2009-2013
Table 45: Greek Commercial Construction Value Add by Project Type (EUR Million), 2013-2018
Table 46: Greek Industrial Construction Output by Project Type (EUR Million), 2009-2013
Table 47: Greek Industrial Construction Output by Project Type (EUR Million), 2013-2018
Table 48: Greek Industrial Construction Output by Cost Type (EUR Million), 2009-2013
Table 49: Greek Industrial Construction Output by Cost Type (EUR Million), 2013-2018
Table 50: Greek Industrial Construction Output by Activity Type (EUR Million), 2009-2013
Table 51: Greek Industrial Construction Output by Activity Type (EUR Million), 2013-2018
Table 52: Greek Industrial Construction Value Add by Project Type (EUR Million), 2009-2013
Table 53: Greek Industrial Construction Value Add by Project Type (EUR Million), 2013-2018
Table 54: Greek Infrastructure Construction Output by Project Type (EUR Million), 2009-2013
Table 55: Greek Infrastructure Construction Output by Project Type (EUR Million), 2013-2018
Table 56: Greek Infrastructure Construction Output by Cost Type (EUR Million), 2009-2013
Table 57: Greek Infrastructure Construction Output by Cost Type (EUR Million), 2013-2018
Table 58: Greek Infrastructure Construction Output by Activity Type (EUR Million), 2009-2013
Table 59: Greek Infrastructure Construction Output by Activity Type (EUR Million), 2013-2018
Table 60: Greek Infrastructure Construction Value Add by Project Type (EUR Million), 2009-2013
Table 61: Greek Infrastructure Construction Value Add by Project Type (EUR Million), 2013-2018
Table 62: Greek Institutiol Construction Output by Project Type (EUR Million), 2009-2013
Table 63: Greek Institutiol Construction Output by Project Type (EUR Million), 2013-2018
Table 64: Greek Institutiol Construction Output by Cost Type (EUR Million), 2009-2013
Table 65: Greek Institutiol Construction Output by Cost Type (EUR Million), 2013-2018
Table 66: Greek Institutiol Construction Output by Activity Type (EUR Million), 2009-2013
Table 67: Greek Institutiol Construction Output by Activity Type (EUR Million), 2013-2018
Table 68: Greek Institutiol Construction Value Add by Project Type (EUR Million), 2009-2013
Table 69: Greek Institutiol Construction Value Add by Project Type (EUR Million), 2013-2018
Table 70: Greek Residential Construction Output by Project Type (EUR Million), 2009-2013
Table 71: Greek Residential Construction Output by Project Type (EUR Million), 2013-2018
Table 72: Greek Residential Construction Output by Cost Type (EUR Million), 2009-2013
Table 73: Greek Residential Construction Output by Cost Type (EUR Million), 2013-2018
Table 74: Greek Residential Construction Output by Activity Type (EUR Million), 2009-2013
Table 75: Greek Residential Construction Output by Activity Type (EUR Million), 2013-2018
Table 76: Greek Residential Construction Value Add by Project Type (EUR Million), 2009-2013
Table 77: Greek Residential Construction Value Add by Project Type (EUR Million), 2013-2018
Table 78: Timetric Construction Market Definitions