New Financial Services market report from Timetric: "Construction in Turkey - Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 12/25/2013 -- Despite the Eurozone crisis, the Turkish construction industry has outperformed neighboring countries. The industry recorded a CAGR of 10.17% during the review period. This growth was driven by the government's continued encouragement of foreign direct investment (FDI) and public-private partnerships (PPPs) in the country. The outlook for the Turkish construction industry is favorable as a result of the government's focus on developing physical and social infrastructure in the country. The industry is expected to record a CAGR of 9.33% over the forecast period.
- According to the Organization for Economic Co-operation and Development (OECD), Turkey is anticipated to be the fastest-growing economy among member countries over the forecast period. Coupled with this, the country's plans to become the 10th-fastest-growing economy in the world by 2023 include significant investments in construction. For instance, the government recently unveiled plans to build the world's largest airport, in Istanbul, at a cost of US$5.6 billion. When the airport is operational in 2017, it will have an annual capacity of 90 million, twice as large as Istanbul's current largest airport, Ataturk.
- According to the Turkish Statistical Institute (TSI), Turkey's population increased from 73.9 million in 2011 to 74.8 million in 2012, registering an annual growth of 1.3%. This growth rate was in line with the average growth rate of 1.3% recorded during 2002-2011. According to official estimates by TSI, the population will reach 84.2 million by 2023 and 93.4 million by 2050.
- Infrastructure construction was severely affected by the financial crisis due to a shortage of public funds, but the market is gradually recovering from the crisis, recording real growth of 0.3% in 2011 in terms of turnover, followed by 2% in 2012. The infrastructure construction market recorded robust growth of 33% during the first half of 2013, with the government prioritizing infrastructure investments. The building construction (residential, commercial, institutional and industrial construction) markets registered a robust recovery from the crisis, posting a turnover growth of 12.3% in 2011, before slowing marginally to 9% in 2012. Real growth in turnover in the market has started to advance, increasing to 13.4% in the first half of 2013.
- Turkey exhibits favorable characteristics compared to many European countries. The country has a favorable demographic profile, with 67.3% of the population in the 15-64 years age group in 2012. In addition, the country does not restrict foreign ownership of housing. All these factors are anticipated to support strong demand for residential property in the country over the forecast period.
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Companies Mentioned in this Report: Enka ?n?aat ve Sanayi A?, Tekfen Holding A?, Alarko Holding A?, GAMA Holding Inc., Nurol Holding Inc.
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