Greece Design and Construction Over 20 billion euros for 2024 Infrastructure projects
During Greece’s financial crisis between 2009-2016, infrastructure development was largely dormant. A post-financial crisis, post-pandemic Greece has seen a construction and infrastructure boom, particularly in hospitality (hotels), office complexes and residential buildings. We have identified several projects with potential opportunities for U.S. exporters and service providers:
The Ellinikon
The former Athens Airport site Ellinikon is undergoing redevelopment as Europe’s largest private investment project, comprising 3% of the country’s GDP. Lamda Development S.A. is leading the $13.1 billion development, expected to return $23 billion in taxes. The first phase started in 2022 and includes a park, residential towers, hotels, shopping complex, a marina and more. We encourage U.S. firms to contact us for more information on opportunities related to this project.
Reconstruction of Thessaly
The region of Thessaly faced devastating natural disasters in 2023 and has earmarked $4.87 billion for flood protection and infrastructure repair. Flood projects will cost $3.57 billion. The Greek State is still setting priorities for infrastructure repair.
The expansion of Athens’ Airport
The project, divided into three phases, aims to enhance the terminal’s capacity and facilities. The first phase, estimated at $700 million, is underway and will be completed by 2028. The second phase, costing over $750 million, will further expand the terminal to accommodate up to 40 million passengers annually. The final phase, expected to be completed by 2045, involves constructing a new terminal to handle up to 50 million passengers annually.
Remote Towers for Greek airports
An investment of $180 million is planned for the creation of Digital Remote Towers at Fraport’s regional airports, with $75 million coming from EU Recovery and Resilience Fund. The remote-control systems will initially focus on 12 out of the 14 airports managed by Fraport Greece, with future expansion to the remaining 22 smaller airports overseen by the Hellenic Civil Aviation Authority (HCAA).
Northern Road Axis of Crete - BOAK
The concession project for the BOAK section (Kissamos-Siteia, 294 km) has a value exceeding $2.16 billion. The BOAK construction is divided into three parts: the concession section from Chania to Hersonissos, the PPP for the Hersonissos-Naples section, and the public project from Neapolis to Saint Nicholas.
Metro extension projects in Athens and Thessaloniki
Planned metro extensions include Line 2 in Athens with a budget of $735 million, financed by the NSRF 2021-2027, and an extension to the south with a budget of $375 million. The first extension of Line 4 in Thessaloniki is under review, with a total estimated budget exceeding $1.08 billion.
While annual growth rate in total investments in Greece has been increasing by 6% the last 8 years, the annual growth rate of infrastructure has remained at 1.5%. The backlog of incomplete projects has reached billions given the average completion time of over five years. Energy projects are expected to significantly increase in the coming years, while rail, road and all green projects will also move forward. U.S. companies can find opportunities in the project management, technical advisory and engineering consulting fields. Innovative projects and solutions as well as pilot programs are welcomed.
U.S. companies in the infrastructure sector have a strong global reputation for design and construction, consulting, engineering, ;and innovative technologies, making them highly competitive in the Greece marketplace.
For more information, please contact Infrastructure Specialist Irini Karajani: Irini.karajani@trade.gov.