Turkey’s construction sector reaches new heights as the housing market continues to flourish
- In the fourth quarter of 2015 the Turkish construction sector increased total turnover by 10% (TURKSTAT)
- Residential property prices in Istanbul have increased by 140% in the last five years (Central Bank of Turkey)
- Istanbul’s property market at the forefront of an increasing demand for new build projects (Universal21)
Turkey’s housing market is continuing to grow in strength with its construction sector laying the necessary foundations for a successful future. The most recent figures released by the Turkish Statistical Institute (TURKSTAT) show that during the fourth quarter of 2015, the construction sector increased their total turnover by 4.5% in comparison to the previous quarter. When compared with the same period of the previous year, this increase stood at an impressive 10%.
These numbers suggest a successful progression within the industry, something that is inextricably linked with the current optimism surrounding the housing market. The impact of such growth in the construction sector is emerging within Turkey’s real estate industry, both having experienced a positive start to 2016.
According to the latest Housing Price Index for Turkey, published by the Central Bank of Turkey, residential prices have increased by 93% in the last five years. However, it is the Istanbul market that shines brighter than the rest, with a significant increase of 140%. Adil Yaman, Director of Universal21, the largest management company based in Istanbul, is confident in the city’s ability to remain at the forefront of Turkey’s flourishing property industry. He explains,
“Turkey’s construction sector is continuing to expand throughout the country with Istanbul’s property market at the forefront of an increasing demand for new build projects. Proud to be central to Istanbul’s growing real estate, we have certainly noticed an increase in enquires regarding new build properties and believe this demand is set to continue in an ascending trajectory.”
The most recent report from Colliers International, entitled Turkey Real Estate Review, highlights the importance of Turkey’s construction sector, explaining that “its potential for future growth and its increasing contribution to Turkey’s overall economy will continue hand in hand with urban transformation works and large scale infrastructure projects.” Adil concurs with this sentiment, commenting,
“Part of the success of Istanbul’s housing market is most definitely due to the progression of the city and the infrastructural developments that have been, and are still being, made throughout. These developments appeal to a growing city population, which in turn increases the demand for quality new build residential properties.”
One of Universal21’s projects currently under construction is Crest Plaza Residence. Situated in the Beylikdüzü district of Istanbul, Crest Plaza Residence is well-located for both transport links and amenities, with the beach just a ten-minute drive away and Istanbul’s Ataturk airport only a 20 minute drive away.
Formed of only two blocks of 11 floors and a total of 199 apartments, Crest Plaza Residence boasts a wide range of facilities including fitness centre, swimming pool, Turkish bath, steam room, sauna, health club, cinema room, meeting room, BBQ terrace, games room, library and children’s playground.
Starting at £60,000 with an easy payment plan there is a range of spacious one, two and three bedroom duplex penthouse apartments available. All either overlook the landscaped gardens or the newly appointed park soon to be completed and the project also has the benefit of 24-hour security, and with completion this month this is an ideal investment.
For more information about Universal21, visit www.universal21.com or call 0203 287 8700.