The Prefabricated Building Market in Turkey is expected to grow at a CAGR of approximately 4.5% during the forecast period mainly driven by the demand for low- to – midrise residential buildings, project homes, and public housing.
With the rapid increase in the population in Turkey, the need for low-cost housing has become essential. Although COVID’19 disrupted the various industries, public construction or in short construction has been one of the few industries that have maintained to some extent.
Turkey has one of the largest construction industries in the world. The country has 44 contracting companies building the largest volume of projects across the world outside their home country. The Construction Confidence Index, which is the only economic indicator that explains the amount of work that will be performed in the coming months’ time in the residential and commercial construction sector increased by 31.5% in May 2020 as compared to the previous month.
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Key Market Trends
Upcoming Projects to Boost the Activity and Growth
Overseas projects carried out by Turkish contractors reached USD 19.4 billion in 2018, including 261 overseas projects. In 2019, this amount has dropped to approximately USD 18 billion of which 438 are projects abroad. Domestically, there has been clear evidence of improvement in residential and non-residential construction, according to data from the Turkish Statistical Institute. The recent development objective of Sustainable Cities Project for Turkey to improve the planning capacity of and access to targeted municipal services to enhance urban living can be a major boost to the sector, the total project cost is estimated to be USD 159 million. The Housing Development Administration of Turkey announced a social housing scheme with USD 2.53 billion in its plan to provide affordable housing to the low-income groups in turkey. In this project, the government projects to provide homes to 1,00,000 families. Some of the other main projects include The Canakkale Bridge, the longest main span of any suspension bridge in the world with an investment of USD 1.2 billion.
Concrete Holds Largest Share in the Market
Precast concrete holds the largest share in the market driven by the increase in the off-site construction activity. The rampant infrastructure development held by the government in the country has driven the high demand for supporting materials such as concrete which is also quite large. It is also expected to exhibit growth with a rise in non-residential and residential construction due to rising urbanization. This growth can be attributed to the increasing awareness amongst builders, architects, constructors, and end-users regarding the advantages of using precast concrete. The precast concrete construction technology is one of the most promising solutions to deal with the rising demand for housing and infrastructure construction.
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