Private construction activity slowed significantly between November 2024 and October 2025, according to data from Greece’s national statistics authority (ELSTAT). Over this 12-month period, the number of building permits issued nationwide decreased by 1.6%, while the total surface area of approved developments fell by 10% and the overall volume of new buildings dropped by 8% compared with the previous year.
These figures point to growing pressure on the construction sector, even as investor interest remains alive in certain regions and property segments. The relatively mild decline in permits contrasts with the much steeper fall in size and volume, suggesting that developers are increasingly opting for smaller, more compact projects rather than large-scale residential developments. ELSTAT notes that changes in permit numbers do not necessarily move in tandem with construction size, as aggregate figures can be heavily influenced by a small number of very large projects.
The slowdown is also evident when public and private construction are considered together. During the same period, the total number of building permits fell by 1.7%, while total surface area contracted by nearly 10%, confirming a broader cooling of the building sector. Public construction continues to play a marginal role, accounting for just 3% of total building activity between November 2024 and October 2025, and has been unable to offset the decline in private investment.
Monthly data underline the same trend. In October 2025, the number of building permits issued was higher than in October 2024, but this increase was accompanied by reductions in both surface area and construction volume. In total, 2,997 permits were issued across the country, corresponding to about 710,000 square meters of floor space and 3.54 million cubic meters of building volume. Compared with the same month a year earlier, permits rose by 13.5%, while total surface area fell by 5.2% and volume by 3.9%, highlighting a clear shift toward smaller homes and more compact developments.
