ChemOrbis 2nd PVC Event: Housing needs may hit 4.1 mil units for 2014-2018 in Turkey
Turkey is already the 17th largest automotive manufacturer in the world and the largest commercial vehicle manufacturer in Europe, according to 2013 data. “Turkey is also the largest TV and white goods manufacturer in Europe,” said Kaymaz.
Kaymaz noted that Turkey’s favorable economic environment has made it a magnet for foreign direct investment (FDI) as the number of foreign companies in Turkey hit 41,100 as of 2014. FDI inflows reached USD147 billion in the last 12 years, while total FDI inflows to construction were USD3.5 billion in the last 11 years.
The construction sector is one of the main components of the Turkish economy. The contribution of construction to real GDP growth was 6.6% for the past 11 years. Construction turnover and production trends have been on a steady growth trend since 2005 except for a short interruption in 2009.
Net sales in the construction sector reached TL201 billion by 2013 in Turkey. Every year almost 100 thousand construction permits are granted for new buildings and expansions. Turkey’s housing need is estimated to be 4.1 million units for 2014-2018.
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