Contractors hopeful of rise in foreign demand

Contractors hopeful of rise in foreign demand

ISTANBUL - Hürriyet Daily News

DAILY NEWS photo, Hasan ALTINIŞIK

Growth may accelerate in the coming months as demand picks up with the removal of obstacles for foreigners who want to purchase property in Turkey.

Despite a slight slowdown in growth in the third quarter, the Turkish construction sector is still achieving double digit growth, according to the Association of Turkish Building Material Producers’ (İMSAD) latest report. 

İMSAD expects there to be a further increase in demand causing growth to accelerate in the coming months given the removal of restrictions on foreigners who want to buy property in Turkey. 

“The fact that the sector has achieved double digit growth despite the slight slowdown is a positive development,” according to the report. The construction sector registered a 10.6 percent growth rate for the third quarter and the sector’s size was 15.03 billion Turkish Liras in that period. 

The third quarter registered a 5.18 percent decline in housing sales compared to the second quarter. This was due in part to the rise in interest rates and the economic crisis in Europe, said İMSAD. 

Meanwhile, in October construction sector material exports totaled $1.67 billion and imports remained at $500 million, according to the report. 
LATEST NEWS

  1. Syrian women to ‘reclaim leadership roles to build country’

  2. Galatasaray crowned winter champion in Süper Lig

  3. Price hikes in best-selling cars cannot keep up with inflation

  4. Honda and Nissan to launch merger talks

  5. Biden commutes sentences for 37 of 40 federal death row inmates
Recommended

Price hikes in best-selling cars cannot keep up with inflation

Honda and Nissan to launch merger talks

Input costs in agriculture rise 33 percent annually: Data

Crude steel production at 3 million tons in November

Misinformation and online threats after US CEO slaying

Malaysia's 1MDB sues Amicorp Group for alleged fraud

Turkish companies keep close eye on developments in Syria
WORLD

Syrian women to ‘reclaim leadership roles to build country’

The newly appointed leader of the Women’s Affairs Office within the Syrian interim government has stated that the new administration aims to empower women to play a pivotal role in rebuilding the nation, devastated by over a decade of conflict.
ECONOMY

Price hikes in best-selling cars cannot keep up with inflation

The prices of certain best-selling cars in the Turkish market are struggling to keep up with soaring inflation, even declining in real terms.
SPORTS

Galatasaray crowned winter champion in Süper Lig

Galatasaray ended the first half of the Turkish Süper Lig season atop the standings, eight points clear of its closest follower thanks to a Victor Osimhen-led 5-1 win over Kayserispor on Dec. 22 night.