Urbanization, combined with demand for higher quality buildings, is driving growth in the Turkish construction industry, analysts told The Anadolu Agency. 350,000 new homes targeted for 2020, analyst tells.

Urbanization driving Turkey's construction growth

Urbanization, combined with demand for higher quality buildings, is driving growth in the Turkish construction industry, analysts told The Anadolu Agency. Turkey’s population growth, which is happening at a faster rate in cities than in rural areas, will outpace that of its regional neighbors — boosting investment in commercial and residential real estate, Richard Marshall, an infrastructure analyst with BMI Research in London, said.

Urban transformation is gathering momentum in major cities, particularly in Istanbul,” industry analyst Cameron Deggin told AA. “This is giving rise to major facelifts on old historic town centers gone to disrepute such as Gaziosmanpasa in Istanbul, where the volume of urban transformation transactions are the highest.

“Other areas worthy of consideration in this regard in Istanbul are Bomonti, Sisli, Kagithane, Talimhane and certain parts of Fatih. Similar high profile projects are ongoing in all major cities of the country. By the year 2020, urban transformation targets are to redevelop up to 350,000 housing units.” With about 70 percent of Turkey’s population living in cities, the need for both housing and major infrastructure projects in those areas is critical, ITE reported. 

Source: AA

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