Non-residential real estate and economic activity: the case of Greece

Purpose – The aim of the paper is to discuss developments in non-residential real estate in Greece. Design/methodology/approach – Given the lack of existing literature, the authors start by discussing at length the data sources available, and analyzing the stylized facts of non-residential real estate activity in Greece. Finally, the authors examine the degree of covariation (using the index of concordance methodology) between non-residential real estate and the business cycle. Findings – The results indicate that the structure of non-residential sector is highly fragmented into various sub-categories and at the initial stages of its developments, it was strongly affected by the preparations for the 2004 Athens Olympic Games. Finally, despite its small share of total GDP, non-residential real estate exhibits a significant degree of covariation with the business cycle. Practical implications – The extracted information may be a useful resource for those interested in the developments in non-residential real estate in Greece and the covariation of key variables with the business cycle. Originality/value – The paper constitutes a systematic research approach for the role of non-residential real estate in the Greek economic activity.