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The Construction Sector in Turkey
Turkrating, Aug 2010, Pages: 70
The Construction Sector Report for Turkey 2010 is a detailed analysis of the components of the construction sector, its recent operational and financial performance, and the industry outlook for 2010 and beyond. The report discusses construction investments, individual housing loans, bank loans to the construction sector, building and occupancy permits, real estate sales to foreigners, and various indices related to the construction sector. In addition to examining the influence by and impact on real estate and international contractors, this report also incorporates the more complicated role of Turkey’s public sector participant, TOKI.
The Construction sector Report for Turkey 2010 is supported and enhanced by 48 tables and 55 graphs and is continuously updated to include as much current data as is available today.
The report focuses on the following main topics:
Main Components of Turkish Construction
Since construction accounts for 5% of Turkey’s GDP, the roles and contributions of the various sub-segments of construction such as infra structure projects, office buildings, high rise buildings, logistics and hotels as well as residential construction are examined.
Determinants of Demand
The determinants of demand of construction services in Turkey are analyzed not only in terms of demographic factors, urbanization and the reconstruction requirements caused by earthquake riskzs but also in terms of better household incomes and changes in lifestyles.
Even though Turkish government policies supporting and incentivizing the construction sector have played a key role in the growth of the sector, the entrance of foreign retail companies and foreign funds investing in shopping malls have also been very important players in accelerating this growth.
The Success of Turkish International Contractors
In the last four years, Turkish contractors have been awarded contracts averaging approximately US$20 billion annually. They have diversified their markets from mainly residential and commercial centers to include energy plants, irrigation systems, pipe lines and other specialist sub-sectors. They are no longer dependent on a few international markets; rather, they have diversified to include a very large geography covering North Africa, the CIS countries, the Balkans, the Middle East, and Afghanistan. There were 31 Turkish companies in the Engineering News-Record ENR 255 of 2009, the top international contractors from across the globe.
The Public Sector Participant
TOKI is the public sector entity vested with the responsibilities of providing adequate public-funded housing to those in need, urban renewal, the transformation of slums, and infrastructure projects. In the last six years it has initiated nearly 450,000 housing units in addition to an enormous number of public facilities including schools, hospitals, bridges, roads, dams, mosques, etc. Even though it is a non-profit institution, it benefits considerably from government handouts in the form of land grants which are then turned into revenue-generating construction projects.
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