Turkey’s construction sector builds to new heights

Turkey’s construction sector is building to new heights, as the housing market continues to grow.

The most recent figures released by the Turkish Statistical Institute show that during the fourth quarter of 2015, the construction sector increased total turnover by 4.5 per cent compared to the previous quarter – and by 10 per cent year-on-year.

The most recent report from Colliers International, entitled Turkey Real Estate Review, highlights the importance of Turkey’s construction sector, explaining that “its potential for future growth and its increasing contribution to Turkey’s overall economy will continue hand in hand with urban transformation works and large scale infrastructure projects.”

Istanbul is certainly leading the way with major infrastructure improvements still being made, both helping the city to accommodate a growing population and attracting more people to the area.

Adil Yaman, Director of Universal21, the largest management company based in Istanbul, says thee city’s market is “at the forefront of an increasing demand for new build projects”.

One of Universal21’s projects currently under construction is Crest Plaza Residence. Situated in the Beylikdüzü district of Istanbul, Crest Plaza Residence is well-located for both transport links and amenities, with the beach a 10-minute drive away and Istanbul’s Ataturk airport 20 minutes away.

According to the latest Housing Price Index for Turkey, published by the Central Bank of Turkey, residential prices have increased by 93 per cent in the last five years. However, it is the Istanbul market that shines brighter than the rest, with a significant increase of 140 per cent.

“[We have] certainly noticed an increase in enquires regarding new build properties and believe this demand is set to continue in an ascending trajectory,” adds Yaman.