Turkey Construction Market Size (2024 - 2029)

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.

Turkey Construction Industry Segmentation

The construction market includes a wide range of activities that cover upcoming, ongoing, and growing construction projects in different sectors, which include but are not limited to geotechnical (underground structures) and superstructures in residential, commercial, and industrial structures as well as infrastructure construction (like roads, railways, and airports) and power generation (transmission-related infrastructure). Construction is an industry that includes the erection, maintenance, and repair of buildings and other immobile structures and the building of roads and service facilities that become integral parts of structures and are essential to their use.

This report covers market insights, such as market dynamics, drivers, restraints, opportunities, technological innovation and its impact, Porter's five forces analysis, and the impact of the COVID-19 pandemic on the market. In addition, the report also provides company profiles to understand the competitive landscape of the market.

The Turkish construction market is segmented by sector (residential, commercial, industrial, infrastructure (transportation), and energy and utilities). The report offers market size and forecasts for the Turkish construction market in value (USD) for all the above segments.