Turkey Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (Q1 2025)
Summary
GlobalData expects the Turkish construction industry to grow in real terms by 4.2% in 2025, supported by rising export activities, increasing investments in industrial and housing projects, coupled with declining inflation and interest rates. According to Turkish Statistical Institute (TurkStat), the average construction turnover index grew by 53.2% year on year (YoY) in January 2025, preceded by an annual growth of 77.8% in 2024. Growth in the construction industry will also be supported by the budgetary allocation under the 2025 budget, that was approved in December 2024. The budget includes an expenditure of TRY14.7 trillion ($318.6 billion), an increase of 33% compared to the 2024 budget. The government has allocated TRY1.5 trillion ($31.5 billion) to the Ministry of National Education, TRY1 trillion ($21.7 billion) to Ministry of Health and another TRY662.6 billion ($14.4 billion) to the Ministry of Transportation and Infrastructure, under the 2025 budget. Moreover, the construction industry’s growth 2025 will also be supported by the investments in multiple sectors in line with the government’s target of achieving TRY18 trillion ($390 billion) of goods and services exports in 2025, up from TRY17.3 trillion ($375 billion) in 2024.
The Turkish construction industry, over the remainder of the forecast period is expected to register an annual average growth of 3.7% from 2026 to 2029, supported by investments in transport, housing, and renewable energy projects. Growth will also be driven by the government’s 2025 Public Investment Program released in February 2025, which aims to invest approximately TRY2.1 trillion ($46.2 billion) to develop 3,783 projects across multiple sectors such as transportation, mining, healthcare and energy by the end of 2025.
GlobalData’s Construction in Turkey - Key Trends and Opportunities to 2029 (Q1 2025) report provides detailed market analysis, information and insights into the Turkish construction industry, including -
- The Turkish construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Turkish construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline
This report provides a comprehensive analysis of the construction industry in Turkey. It provides -
- Historical (2020-2024) and forecast (2025-2029) valuations of the construction industry in Turkey, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
- Assess market growth potential at a micro-level with over 600 time-series data forecasts
- Understand the latest industry and market trends
- Formulate and validate business strategies using GlobalData's critical and actionable insight
- Assess business risks, including cost, regulatory and competitive pressures
- Evaluate competitive risk and success factors
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Turkey, Key Economic Indicators
- Table 3: Turkey, Commercial Construction Output by Project Type (Real % Change), 2020–29
- Table 4: Turkey, Top Commercial Construction Projects by Value
- Table 5: Turkey, Industrial Construction Output by Project Type (Real % Change), 2020–29
- Table 6: Turkey, Top Industrial Construction Projects by Value
- Table 7: Turkey, Infrastructure Construction Output by Project Type (Real % Change), 2020–29
- Table 8: Turkey, Top Infrastructure Construction Projects by Value
- Table 9: Turkey, Energy and Utilities Construction Output by Project Type (Real % Change), 2020–29
- Table 10: Turkey, Top Energy and Utilities Construction Projects by Value
- Table 11: Turkey, Institutional Construction Output by Project Type (Real % Change), 2020–29
- Table 12: Turkey, Top Institutional Construction Projects by Value
- Table 13: Turkey, Residential Construction Output by Project Type (Real % Change), 2020–29
- Table 14: Turkey, Top Residential Construction Projects by Value
- Table 15: Turkey, Key Contractors
- Table 16: Turkey, Key Consultants
- Table 17: Turkey, Construction Output Value (Real, $ Million)
- Table 18: Turkey, Construction Output Value (Nominal, TRY Billion)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Eastern Europe and Central Asia, Construction Output (Real % Change), 2023–29
- Figure 2: Turkey, Construction Output by Sector (Real % Change), 2023–25 and 2026–29
- Figure 3: Turkey, Risk Summary
- Figure 4: Turkey, Risk Regional Comparison
- Figure 5: Turkey, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2020–29
- Figure 6: Turkey, Construction Output Value, by Sector (Real, $ Million), 2020–29
- Figure 7: Turkey, Construction Value Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 8: Turkey, Gross Fixed Capital Formation (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 9: Turkey, Construction Cost Index (2015=100)
- Figure 10: Turkey, Construction Permits, In thousand m2
- Figure 11: Turkey, Building Activity Index and Construction Confidence Index, Seasonally Adjusted
- Figure 12: Turkey, Construction Turnover Index, Seasonal and Calendar Adjusted (2021=100), % Change YoY
- Figure 13: Turkey, Construction Projects Momentum Index
- Figure 14: Eastern Europe, Construction Projects Momentum Index
- Figure 15: Turkey, Commercial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 16: Turkey, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 17: Turkey, Construction Permits Issued for Commercial Buildings, In Thousand m2
- Figure 18: Turkey, Services Value Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 19: Turkey, Total Foreign Visitors Arrivals, In Thousands
- Figure 20: Turkey, Retail Sales Volume Index (2015 = 100)
- Figure 21: Turkey, Industrial Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 22: Turkey, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 23: Turkey, Floor Area of Building Permits Approved for Industrial and Warehouse Buildings, in thousand m2
- Figure 24: Turkey, Manufacturing Value Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 25: Turkey, Manufacturing - Capacity Utilization Rate, in %
- Figure 26: Turkey, Industrial and Manufacturing Production Indices, 2021=100, Seasonally and Calendar Adjusted
- Figure 27: Turkey, Total Export ($ Million)
- Figure 28: Turkey, Sales of Passenger Cars and Light Commercial Vehicles, Units
- Figure 29: Turkey, Infrastructure Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 30: Turkey, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 31: Turkey, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 32: Turkey, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: Turkey, Information and Communication Activities Value Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 34: Turkey, Production Index of Electricity, Gas, Steam, and Air Conditioning (2015=100)
- Figure 35: Turkey, Institutional Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 36: Turkey, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 37: Turkey, Value Add of Public Administration, Education, Human Health and Social Work Activities (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 38: Turkey, Floor Area of Construction Permits Approved for Public Entertainment, Education, Hospital or Institutional Care Buildings, in thousand m2
- Figure 39: Turkey, Residential Construction Output by Project Type (Real, $ Million), 2020–29
- Figure 40: Turkey, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 41: Turkey, Real Estate Activities Value Add (TRY Million, 2009 Chain Linked Volume Measures)
- Figure 42: Turkey, Floor area of residential permits, in thousand m2
- Figure 43: Turkey, Number of House Sales
- Figure 44: Turkey, Residential Property Price Index (RPPI) (2023 = 100)
- Figure 45: Turkey, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 46: Turkey, Headquarters of Key Consultants (% of Total Project Pipeline)
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