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decrease again in 2012 by almost 15.0%;
nonetheless, we should not overlook the fact
that construction investment stood at
7.2 billion euros in 2011. This
amount is, of course, a far
cry from the 9.6 billion
euros that were invest-
ed in 2010 and the
23.8 billion euros that
financed construc-
tion activity in 2006.
Foreign demand had
no significant effect
on the sector's eco-
nomic activity during
2011, as capital inflows
for the acquisition of
property fell to 107.6 million
euros in 2011 from 128.5 mil-
lion euros in 2010.
According to Alpha Bank analysts, housing
starts took a plunge during the first half of 2011.
More specifically, the latest available data
shows that housing starts fell to
13,449 from 27,186 in the same
period of 2010, 30,280 in the
first half of 2009, 40,793
in the first half of 2008
and 54,994 in the first
half of 2007.
Property
market
The Greek property
market
presents
major opportunities,
as prices have been
dramatically reduced,
owing to the economic cri-
sis. There is an oversupply of
both residential, and commercial
properties, thus creating a buyers’ market.
Trade with Greece
99
The Greek property market
presents major opportunities, as
prices have been dramatically
reduced, owing to the economic
crisis. There is an oversupply of
both residential, and commercial
properties, which provides buy-
ers with a significant advan-
tage.
”
“