Contracting in Turkey Overcomes the COVID-19 with Least Damage

Local residential loan support has contributed to the contracting sector healing quickly after the COVID-19 epidemic, recording positive growth rates in the third quarter of 2020.

Contracting in Turkey Overcomes the COVID-19 with Least Damage
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2021-01-04 Last update 2021-03-18

Contracting in Turkey Overcomes the COVID-19 with Least Damage

While international economic fears had negative expectations on the real estate market, the Turkish government started taking steps to reduce the COVID-19 risks on Turkey’s contracting industry.

Contracting contributes to Turkey’s economic growth by 6.4%

Mithat Yenigun, Head of Contractor Union, expressed his fears of global economic growth, concerns of commodity price fluctuations, and political risks, which negatively impacted the world’s contracting market.

Yenigun pointed to the extensive fluctuations in the contracting industry worldwide due to the COVID-19 epidemic.

Global contracting fluctuations had impacts on Turkey’s contracting industry, volatiling in local real estate markets.

“Although Turkey’s contracting industry has the third enormous projects worldwide, projects are being delayed; some were even stopped due to additional costs and obstacles,” added Yenigun.

Yenigun commended residential loan support activities that contributed to this lively sector’s urgent healing, reducing the depression impacts and recording new growth numbers in the third quarter of 2020.

“There is an excellent revival for some contracting sector fields due to the low-cost and concessional housing loans. Loans contributed to reducing depression and empowering the economy to record 6.4% growth in the third quarter of 2020,” said Yenigun. 

Property in Turkey has witnessed a revolution in local and foreign property demands after modifying executive regulations of ownership and Turkish citizenship that investors have the opportunity to obtain citizenship for a property.

Yenigun feels optimistic in 2021 as there are many reforms. “Despite the continuing uncertainty about the COVID-19 epidemic, we are looking forward to 2021with hope; we are focused on the reformation process issued by the government regarding law and economy,” said Yenigun.

Contracting in Turkey

Contracting in Turkey: $413 billion foreign project size

According to the Turkish Ministry of Trade, as of late November 2020, the Turkish contractors have implemented 175 projects abroad with $10,4 billion total value.

“While the total size of implemented projects has been $413 billion in 127 countries since 1972, the global economy is expected to grow in 2021, anticipating the Turkish contractors to play an important role,” commented Yenigun.

“We are trying to overcome the COVID-19 epidemic negative impacts and the global market confusion. We are working hard to reach $20 billion in annual foreign projects and protect the Turkish contracting sector,” said Yenigun.

He also pointed to the impressive projects being implemented in Libya and Arabian Gulf countries.

The meeting between Turkish stakeholders and the Prime Minister of Iraq, Mustafa El Kazimi, in Ankara in December 2020 was a great chance to express future projects.

The Head of Contractor Union showed that the Turkish contractors would have an influential role in the reconstruction of Karabakh after the destruction caused by the war in Armenia.

The Azerbaijan – Turkish relationships have witnessed significant progress after Ankara supported Azerbaijan. So, one of the Turkish union’s priorities is to support the Azerbaijan economy next year.

Construction in Turkey

 

Edited by Imtilak real estate.

Source: Anadolu Agency

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