Greek building output rose 17.6% while infrastructure fell 10.7%

Greek construction remained above its year-earlier level in the second quarter of 2026, according to ELSTAT. The working-day-adjusted production index rose 7.1%, but its components moved in markedly different directions.

Residential and non-residential building output increased 17.6% year on year and specialised construction activities rose 16.1%. Civil engineering output fell 10.7%. Buildings therefore drove the national increase, while infrastructure was a drag rather than a supporting force.

The quarter-on-quarter headline requires caution. The unadjusted index rose 30.6% from Q1 because construction is highly seasonal. After seasonal adjustment, the overall index moved only from 161.85 to 161.88, an increase of 0.02%. The market is growing compared with 2025, but it did not meaningfully accelerate during the latest quarter.

For property investors, the split matters. Strong building production can add urban and resort inventory, but weaker civil engineering may delay the transport and public-realm improvements that support land values. Project analysis should therefore separate the building from the infrastructure promised around it.