The real estate sector, which provides 15 percent of its growth and attracts half of foreign capital entry, will also be the locomotive of the 2023 vision. Urban transformation will contribute 1.2 points to annual growth
The stability achieved after the November 2002 elections in Turkey, under the influence of the young population and the decline in interest rates, particularly in the economy in recent years has become almost locomotive construction sector, 2023 also is critical to the goals. Europe’s future is one of the most promising real estate market, Turkey offers great opportunities for bringing together real estate developers and investors with a strong construction sector, the growing trade and industrial production.
Turkey with 11.1 percent in the third quarter of the year as the fastest growing country in the world, stood at 18.7 per cent growth in the construction sector. The economic real estate sector, which constituted 5 percent of national income with approximately 120 billion TL, contributed 1.44 percentage points to growth. Turkey in the 11-month period sold 1 million 280 thousand housing this year in the entire history of 2017 and is expected to break the record with 1.4 million. The share of the construction sector in total employment, which was 5.6 per cent in 2005, rose to 7.4 per cent this September. The increase in employment since 2005 was 5 percent in agriculture, 26.7 percent in industry, and 63.4 percent in service sector, while this rate was 91 percent in construction. The number of employment in the construction sector, which was 1 million 90 thousand in 2005, reached 2 million 80 in September 2017. The real estate sector is also taking a leading role in foreign direct investment. According to the statement released by the Ministry of Economy, foreign direct investment inflows, which was 9 billion 978 million dollars in the 10 months of last year, decreased by 17 percent in the same period of this year and decreased to 8 billion 260 million dollars. On the other hand, foreign investment in the real estate sector increased by 22 percent to 4 billion 160 million dollars. 50 percent of direct foreign investment in the real estate sector headed to Turkey. The said rate was 25 percent in 2015.