The impact of building cycles on recent expansions of Athens was assessed under the hypothesis that non-linear paths of urban growth result from sequential phases of economic growth and decline. Changes over time in building activity were examined by considering indicators derived from a local-scale analysis of building permits issued by Greek municipalities between 1990 and 2016. Relevant socioeconomic forces shaping spatio-temporal variability in building activity were identified by analyzing contextual indicators through inferential techniques and multivariate analysis. The results showed distinctive responses of real-estate local markets to economic cycles at the local scale in Athens, allowing for identification of short-term and long-...