Eureka! Institutional Repository

The purpose of this study is to analyse the construction industry in Greece and especially the effects of economic crisis on it by comparing examples of then and today.The results of the present study show that financial crisis created serious problems to the construction enterprises which threatened their sustainability. Many of them became insolvent, went into liquidation, suspended their businesses or were forced to merge with other companies. The construction sector became smaller and thousands of jobs were lost. Real Estate sector and especially the housing market had important contribution to these facts. The prices of the houses and the apartments were significantly reduced. Because of the financial crisis the taxes on immovable property were increased, the banks did not provide any loans or credits and a huge surplus of dwelling stock was created. All these facts minimized the demand for new constructions related with real estate sector. There has also been research on housing access, affected by the crisis, as well as its impact on both public and private projects. Finally, there has been an attempt to calculate the cost of building for an individual, as well as how this has changed during the financial crisis. The results of the survey showed that this cost was reduced to around 8%