Turkish construction companies are among the top 250 global companies.

Turkish construction companies are among the top 250 global companies.

Turkish construction companies

Real estate is one of the significant sectors for the Turkish economy's growth, with a 30% contribution to the economy. The prosperity of real estate in Turkey hasn't only been at the local level but has also reached a global level. Turkish construction companies were among the top 250 world construction companies in 2021.

The Turkish real estate companies outperform globally. 


 

According to Engineering News (ENR), 40 Turkish construction companies ranked among the top 250 global construction companies in 2021. Seven of these companies were among the world's top 100 companies. 


 

Thus, Turkey ranked third after the United States and China in terms of the number of companies. In 2020, Turkey ranked second in the best construction companies' list worldwide, with 44 companies. Moreover, Turkey's share in the global construction market is about 4.4%. 

The rapid recovery of the real estate in Turkey from the consequences of the epidemic


 

The real estate projects by Turkish construction companies have increased to 11,093 projects in 131 countries in 2021. Also, they were worth $29.3 billion in 2021, up from $15.2 billion in 2020. This doubling in the projects' value is strong evidence of the rapid recovery in the real estate in Turkey from the consequences of the epidemic.


 

The projects made by Turkish construction companies worldwide are infrastructure projects such as roads, airports, and dams, besides residential real estate projects, hospitals, hotels, and power stations in Russia, the Middle East, and Africa, as well as in Europe and South Asia.

Turkish construction companies' projects worldwide over the last decade


 

In the last decade, the period between 2010 and 2019, Turkish real estate projects in foreign countries has been increasing every year, as:


 

In 2010, the Turkish contractors' projects were worth 23.8 billion US dollars. 

In 2012, the projects were worth 31.6 billion dollars. 

In 2013, the projects were worth about 31.3 billion dollars. 


 

After 2013, the global real estate sector decreased by 15% due to some developments on the international scene, like lower prices for energy and sanctions against the Russian Federation. Thus, the value of the projects came to:


 

$26.6 billion in 2014.

 $15 billion in 2016.

 $22.8 billion in 2018. 

$19.5 billion in 2019. 

$15.1 billion in 2020 despite the pandemic and the global economic downturn. 


 

The strength of the real estate in Turkey is due to Turkey's location between the continents of Asia and Europe. Besides, the Turkish construction companies provide services by international standards and enjoy credibility and high customer satisfaction. Turkish construction companies also have extensive international experience in establishing projects worldwide.


 

Despite the downturn in the economy of many countries due to the Corona pandemic, real estate in Turkey has experienced considerable superiority and recovery in recent years. It has become a leading sector not only in Turkey but also worldwide.

At Baytii Real Estate, we can recommend you the best real estate projects in Turkey and reliable construction companies for successful real estate investment in Turkey.

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Current data indicates that the Turkish real estate market will continue to grow in nominal prices over the coming years. However, it’s important to distinguish between nominal growth and real growth. While Turkey recorded one of the highest annual nominal price increases globally (about 46.4%), real prices have declined by about 14% per year due to high inflation. In other words, although property prices have risen sharply in Turkish lira, the actual purchasing power of these assets has declined. Still, nominal prices are expected to continue rising due to strong domestic demand and limited supply, while real price increases will depend on inflation control.

From a macroeconomic perspective, the Turkish government has shifted to tighter fiscal and monetary policies since mid-2023 to fight inflation. The official Medium-Term Economic Plan targets a reduction in inflation from over 50% to single-digit levels (around 9.7%) by 2026. Credit rating agencies have responded positively—both Fitch and S&P upgraded Turkey's ratings in 2024, reflecting improved fiscal discipline and growing reserves. These developments suggest that, if economic reforms stay on track, we may see a gradual decline in inflation by 2030, leading to greater currency stability and restored investor confidence.

On the supply and demand side, housing production currently falls short of meeting Turkey’s annual housing needs. Industry experts estimate that only about half the annual housing demand is being met, due to rising construction costs and fewer new housing starts. This supply shortage will likely continue to support property prices despite economic fluctuations. On the other hand, foreign demand peaked in 2022 but dropped significantly in 2023–2024 due to new residency restrictions and a higher minimum investment amount for Turkish citizenship (from $250,000 to $400,000). In 2024, foreign purchases accounted for just 1.6% of total property transactions, down from 3–5% in prior years. However, this demand is expected to recover gradually as inflation cools and the lira stabilizes.

Looking ahead to 2030, the Turkish real estate market is expected to remain strong due to fundamental drivers like a large, young population, urban migration, continued infrastructure investments, and tourism in coastal cities. If the government succeeds in reducing inflation to single digits, investors may enjoy both nominal and real capital gains. If inflation persists, price gains may remain largely nominal, offering limited real return for investors. Overall, the prevailing outlook is that the Turkish market will experience greater economic stability and stronger investor confidence by 2026 and beyond.

Dubai Residential Real Estate Market Forecast to 2040

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Residential real estate prices in Dubai have seen strong increases recently, driven by high demand from both local and international buyers. There was a year-on-year increase of about 20% in home prices during the third quarter of 2024, and the average sales price in 2024 rose by about 20% to approximately 1,597 AED per square foot. These significant increases came after a period of moderate growth between 2018 and 2020, confirming the return of momentum to the Dubai real estate market after the COVID-19 pandemic.

Prices are expected to continue their upward trajectory in the medium term, but at a more stable pace. Knight Frank estimates an additional rise of about 8% in 2025, and local real estate developers expect annual price increases of between 5-8% in the coming few years. These forecasts are based on strong and sustainable demand but also consider an increase in supply and a better market balance. Over the long term up to 2040, prices are likely to continue rising supported by population growth and planned major projects, although there may be short-term correction cycles. For example, villa prices currently exceed the previous peak levels (in 2014) by more than 30%, which means the market may experience a relative slowdown or minor correction after periods of significant increase before continuing its sustainable upward trend.

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In this article, we explore the top nine reasons why investing in Dubai real estate is a smart choice, the best areas for investment, the future of Dubai’s property market, and how Baytii can help you invest in Dubai seamlessly.

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