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Greece Multi-Family Housing Industry Analysis
The multifamily residential housing construction industry in Greece has been slowly recovering after the economic crisis that hit the country in the early 2010s. The market was heavily impacted by the crisis, leading to a sharp decline in construction activities, falling property prices, and high levels of non-performing loans. However, in recent years, the industry has seen some positive signs of growth and recovery.
According to data from the Hellenic Statistical Authority, the construction of new residential buildings in Greece increased by 2.2% in 2020 compared to the previous year. Furthermore, the demand for rental properties, particularly in urban areas, has been on the rise due to changes in lifestyle and demographics.
One factor that has helped to boost the multifamily residential housing market in Greece is the government's golden visa program, which offers residency permits to non-EU citizens who invest in Greek property. This has attracted many foreign investors to the country, particularly from China, Russia, and the Middle East.
Despite the positive outlook, the industry still faces some challenges, such as high levels of bureaucracy and a slow permitting process, which can delay construction projects. Additionally, the COVID-19 pandemic has had an impact on the industry, causing some delays and interruptions in construction activities.
Looking ahead, the outlook for the multifamily residential housing construction industry in Greece is positive. The government has expressed its commitment to streamlining the permitting process, and there is potential for further growth in the market, particularly in urban areas. Furthermore, the country's strategic location and favorable climate make it an attractive destination for retirees and tourists, which could further boost demand for multifamily residential properties.
In conclusion, the multifamily residential housing construction industry in Greece has faced significant challenges in recent years but is showing signs of recovery and growth. The government's golden visa program has attracted foreign investment to the market, and there is potential for further growth in the future. However, challenges such as bureaucracy and the impact of the COVID-19 pandemic must be addressed to fully realize the industry's potential.
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