The construction market in Turkey has the potential to grow by almost USD 23 billion during 2019-2023. This report provides a detailed analysis of the market’s growth prospects based on the end-user sectors such as the residential, infrastructure, and commercial end-users.
Construction Industry Outlook in Turkey
Residential and foreign buyers are investing in innovative and modern residential apartments in Turkey. Ongoing promotional campaigns by banks and easing of home loan interest rates are some of the factors contributing to the increasing residential flat sales in Turkey. For instance, the interest rates of housing loans by Ziraat bank was reduced to 0.98% in 2018. Access to mortgage finance and the increasing middle-income group have also resulted in an increasing demand for homes by residential home buyers.
Moreover, the demand for residential apartments from foreign investors has increased after the relaxation of rules for foreign property buyers by the Turkey government. For example, foreigners will be able to get Turkish citizenship by investing USD 1 million in the country’s economy by buying properties or by creating more than 100 jobs. This relaxation of rules for foreigners has resulted in more than 20,000 houses being sold to foreign investors in 2017. Foreign investments have helped in the development of Turkey as a tourist destination. Several cities in Turkey, especially Istanbul which are well connected to tourist destinations and business districts will attract foreign investments in apartment building. Thus, the augmented demand for Turkey’s real estate properties is driving the construction market growth in Turkey at a CAGR of almost 5% during the forecast period.
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