The construction sector in Crete, Greece has made a significant recovery from a recession in 2021, but it has also experienced several significant headwinds that are expected to persist in 2022. Labor deficiencies and supply chain disruptions have hit the sector hard, leading to project delays, increasing costs, and further investment problems.
Simultaneously, business digitalization continues to make its way into the sector, making it important for engineering and construction firms to focus on developing data and analytics as a core competency. In the years to come, foreign demand will likely continue to be the main driver of the residential and commercial construction sector in Crete, while the revival of the domestic market will be determined by Greece’s ability to achieve sustainable growth that will create job opportunism and increase incomes.
The evolution of the residential real estate market in Greece is tightly linked with the demand for tourism-related investments. Moreover, the recovery of the tourism sector will lead to further growth in housing prices and rental demand.
How can ARENCOS help?
We’re here to assist our clients not only to design and develop their next project in Crete – no matter the size or purpose- but also provide dedicated services and tools to create responsive, adaptable and intelligent solutions that will build resilience for their commercial or residential projects.