2020 Construction Sector Overview

2019 was all about trade wars and technological disputes around the world. The effects of this cold war on the global economy sometimes resulted in stagnation and sometimes in regression. The construction sector had its share from this economic effect. The construction sector is a locomotive sector for Turkey. Any sectoral effect can influence the general economy and create a butterfly effect. In 2019, the construction sector in Turkey managed to preserve the growth potential. This was enough to keep our hopes for the beginning of 2020. The fluctuation in foreign currency in the 3rd quarter of 2019 lead to movement in the construction sector and increased the real-estate sales to foreigners. The real-estate sales to foreigners increased by 18.9% compared to the same period of 2018. Even in COVID and pandemic conditions, the predictions show that real-estate sales to foreigners will not decrease by the end of 2020. The current geographical location of our country creates a positive effect to make the country an attraction center. Although there is stagnation in the domestic market, it seems like the construction sector will continue to thrive with the real-estate sales to foreigners. The long-term look of the construction sector preserves the high potential. The demand for housing does not decrease due to migration wave and increasing population. When the current housing stock is considered, there has been a movement in house sales with government incentives. The know-how flow from our country to East European and African countries continues to increase. It is believed that the construction sector will have a more modern look with the young and dynamic civil engineers in our country. AI and robots in the construction sector enable different occupations to produce together. We believe that we will have a more permanent, modern and technologic vibe by minimizing the standard deviation and error possibilities.

Leave a Reply