Turkey Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast, 2023-2027
Summary
GlobalData expects construction output in Turkey in 2023 to rise by 3.8% in real terms, supported by public and private sector investment in the construction of energy and residential infrastructure projects, coupled with the government’s reconstruction efforts to rebuild housing and infrastructure that was damaged by the February 2023 earthquake. According to the latest report published by Turkish Statistical Institute (TurkStat), the country's statistical authority, the construction industry’s value add grew by 6.2% year on year (YoY) in Q2 2023, preceded by Y-o-Y growth of 4.5% in Q1 2023 and 3.9% in Q4 2022. Moreover, the total gross fixed capital formation (GFCF) grew by 5.1% YoY in Q2 2023, preceded by Y-o-Y growth of 3.7% in Q1 2023 and 0.6% in Q4 2022.
Over the remainder of the forecast period, between 2025 and 2027, GlobalData expects Turkey’s construction industry to register an annual average growth rate of 4.2%, supported by investments in transportation infrastructure, and residential projects. Long-term growth for Turkey's construction industry will rely on crucial investment strategies such as the National Energy Plan, Hydrogen Technologies Strategy and Roadmap, and Transport and Logistics Master Plan. As part of the 30-year Transport and Logistics Master Plan, the government intends to invest TRY4.6 trillion ($197.9 billion) across railroads, highways, maritime, airport, and communication sectors from 2023 to 2053.
The report provides detailed market analysis, information and insights into the Turkish construction industry, including -
- The Turkish construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Turkish construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Turkey. It provides -
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Turkey, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Turkey, Key Economic Indicators
- Table 3: Turkey, Commercial Construction Output by Project Type (Real % Change), 2018–27
- Table 4: Turkey, Top Commercial Construction Projects by Value
- Table 5: Turkey, Industrial Construction Output by Project Type (Real % Change), 2018–27
- Table 6: Turkey, Top Industrial Construction Projects by Value
- Table 7: Turkey, Infrastructure Construction Output by Project Type (Real % Change), 2018–27
- Table 8: Turkey, Top Infrastructure Construction Projects by Value
- Table 9: Turkey, Energy and Utilities Construction Output by Project Type (Real % Change), 2018–27
- Table 10: Turkey, Top Energy and Utilities Construction Projects by Value
- Table 11: Turkey, Institutional Construction Output by Project Type (Real % Change), 2018–27
- Table 12: Turkey, Top Institutional Construction Projects by Value
- Table 13: Turkey, Residential Construction Output by Project Type (Real % Change), 2018–27
- Table 14: Turkey, Top Residential Construction Projects by Value
- Table 15: Turkey, Key Contractors
- Table 16: Turkey, Key Consultants
- Table 17: Turkey, Construction Output Value (Real, $ Million)
- Table 18: Turkey, Construction Output Value (Nominal, TRY Billion)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Eastern Europe and Central Asia, Construction Output (Real % Change), 2021–27
- Figure 2: Turkey, Construction Output by Sector (Real % Change), 2021–23 and 2024–27
- Figure 3: Turkey, Risk Summary
- Figure 4: Turkey, Risk Regional Comparison
- Figure 5: Turkey, Construction Output Value (Real, $ Billion, 2017 Prices and Exchange Rate), 2018–27
- Figure 6: Turkey, Construction Output Value, by Sector (Real, $ Million), 2018–27
- Figure 7: Turkey, Construction Value-Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 8: Turkey, Gross Fixed Capital Formation (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 9: Turkey, Construction Cost Index (2015=100)
- Figure 10: Turkey, Construction Permits, In thousand m2
- Figure 11: Turkey, Building Activity Index and Construction Confidence Index, Seasonally Adjusted
- Figure 12: Turkey, Construction Turnover Index, Seasonal and Calendar Adjusted (2015=100), % Change YoY
- Figure 13: Turkey, Construction Projects Momentum Index
- Figure 14: Eastern Europe, Construction Projects Momentum Index
- Figure 15: Turkey, Commercial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 16: Turkey, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 17: Turkey, Construction Permits Issued for Commercial Buildings, In Thousand m2
- Figure 18: Turkey, Services Value-Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 19: Turkey, Total Foreign Visitors Arrivals, In Thousands
- Figure 20: Turkey, Retail Sales Volume Index (2015 = 100)
- Figure 21: Turkey, Industrial Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 22: Turkey, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 23: Turkey, Floor Area of Building Permits Approved for Industrial and Warehouse Buildings, in thousand m2
- Figure 24: Turkey, Manufacturing Value-Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 25: Turkey, Manufacturing - Capacity Utilization Rate, in %
- Figure 26: Turkey, Industrial and Manufacturing Production Indices, 2015=100, Seasonally and Calendar Adjusted
- Figure 27: Turkey, Total Export (US$ Million)
- Figure 28: Turkey, Sales of Passenger Cars and Light Commercial Vehicles
- Figure 29: Turkey, Infrastructure Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 30: Turkey, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 31: Turkey, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 32: Turkey, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: Turkey, Information and Communication Activities Value-Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 34: Turkey, Energy production index (2015=100)
- Figure 35: Turkey, Institutional Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 36: Turkey, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 37: Turkey, Value-Add of Public Administration, Education, Human Health and Social Work Activities (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 38: Turkey, Floor Area of Construction Permits Approved for Public Entertainment, Education, Hospital or Institutional Care Buildings, in 1,000 m2
- Figure 39: Turkey, Residential Construction Output by Project Type (Real, $ Million), 2018–27
- Figure 40: Turkey, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 41: Turkey, Real Estate Activities Value-Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 42: Turkey, Floor area of residential permits, in thousand m2
- Figure 43: Turkey, House Sales
- Figure 44: Turkey, Residential Property Price Index (RPPI) (2017 = 100)
- Figure 45: Turkey, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 46: Turkey, Headquarters of Key Consultants (% of Total Project Pipeline)
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