The Turkish construction industry is predicted to continue its expansion up to 2019, according to a new report.
The Construction Intelligence Center at research company Timetric identified investment in infrastructure and the growth in residential development projects as the drivers for the Turkish industry.
Over the past four years, the industry’s annual value in real terms has risen by 6.42%, and the Timetric report outlines an increase in that growth to around 4.90% over the forecast period. In financial terms, this corresponds to growth from US$ 98.4 billion in 2014, to US$ 124.9 billion in 2019.
Residential construction in the country accounted for a little over half of the industry’s total value (52.0%), and this is forecast to continue, due to a combination of affordable housing projects, liberal real estate laws and favourable foreign investment policies that encouraged around US$ 4.3 billion of overseas money enter the market in 2014.
Infrastructure projects account for a little over 20% of Turkey’s construction industry, with the government now recognising the need for high-speed rail and highways construction to increase the competitiveness of the economy.