Integrating technological education and industry through research into the developed cost forecasting and control strategies in the Greek construction industry

Demands are made on the Greek real estate market to produce low-cost, quality affordable buildings with long-term useful lifespans and by the Greek governmental bodies to increase property taxation, which requite professional engineers (BEng) who are more educated and trained in cost engineering. The Greek construction industry, despite years of training, remains notorious for its inability to forecast and control costs within budget constraints, discouraging private, public and international investment in new construction projects. To make construction attractive to investors and properties affordable for citizens, the industry must show its ability to forecast, control and report accurately. The cost forecasting and control strategy for the Greek construction industry has been developed. In this paper, the author argues that professional engineers can eliminate bad practice, help complete projects within budget and on time, and understand better property market interactions, and thus promote sustainable growth, encourage investment in the construction market and manage housing profits under pressure in an overestimated property market. The integration of technological education and industry through a developed cost forecasting and control strategy can provide the mechanism to bring together the critical demands and benefit all parties.