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sion of the Thessalonica Metro to
Kalamaria, the first extension of the main
line that is currently under construction,
is expected to commence in the Autumn
of 2012.
In fact, 85% of the cost of the Metro
extension to Kalamaria is covered by EU
funds and only 15% is covered by a low-
interest loan from the EIB, while exactly
the opposite is the case with the con-
struction of the project's main line, where
only 328 million euros out of a total budg-
et of 1 billion euros come from the
Operational Programme for Central
Macedonia.
The extension to Kalamaria is budgeted
at 518 million euros, while the project has
been incorporated into the NSRF and is
co-financed with 400 million euros by the
Cohesion Fund.
Construction amidst the
crisis
Greece's beleaguered construction sec-
tor has been given a vote of confidence
through total investments of 7.2 billion
euros. Although the numbers may be
deteriorating,
Greek
construction
remains a sector that attracts investment
and can, obviously, become a source of
future growth.
Construction activity in Greece shows
that the market tends to adapt to the new
situation; however, a series of support
measures and changes in building
restrictions are required, in order to rekin-
dle interest for, and jump-start, a sector
that offers work to 150 professions. More
specifically, it is estimated that, should
the completion of the exchange of Greek
bonds and the implementation of the new
loan programme produce a stable envi-
ronment, the sector could recover, pro-
vided that such recovery is combined
with a series of support measures.
Tellingly, despite the previous year's
adverse economic climate, the business
confidence index in home-building rose
to 21.98 in January 2012 from 12.94 in
2011 and 8.9 in 2010, albeit remaining at
a very low level.
Thus, residential investment decreased
by 23% in 2011, and is expected to
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