Market Size of Turkey Construction Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 53.31 Billion |
| Market Size (2029) | USD 68.43 Billion |
| CAGR (2024 - 2029) | 5.12 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turkey Construction Market Analysis
The Turkey Construction Market size is estimated at USD 53.31 billion in 2024, and is expected to reach USD 68.43 billion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).
- Due to the COVID-19 pandemic, the construction industry has taken significant hits in Turkey, with construction site closures, project cancellations, supply chain disruptions, and cash stagnation. Because the construction sector is interconnected with over 200 subsectors, any disruption in one of them is expected to cause a ripple effect in the construction sector.
- Construction is an especially important part of the Turkish economy, as it is in many other developing countries. As a result, disruptions in the aforementioned sector have had a greater negative overall impact than they would have in a less dependent, more developed economy.
- By 2023, the Turkish government plans to construct 2,000 kilometers of high-speed rail lines from Kars in northeast Turkey to Edirne in western Turkey, with China funding a portion of the project.
- The government also wants to increase renewable energy's share of electricity generation to 38.8% by 2023, up from 32.5% in 2018. The residential sector is expected to grow significantly over the forecast period because of the government's new urban development program and the country's interest rates being lowered.
- Turkey’s nationwide house prices rose by a whopping 189.9% in November 2022 from a year earlier, to an average of TRY 16,984 (USD 904) per square meter (sq. m.), according to the Central Bank of the Republic of Turkey (CBRT), following y-o-y rises of 64% in 2021, 32.6% in 2020, and 2.9% in 2019.
