Global Opportunities

Turkey: Construction Sector Opportunities

Global Opportunities: Historic Istanbul district by Bosphorus to get facelift. The construction industry remains a possible leg for the Turkish economy to stand on, as the highness of its return in particular keeps the demand high for units for investments. 

Turkey: Construction Sector Opportunities

Approximately 1.8 million employees work in the building sector and the entire industry constitutes 5.9% of Turkey’s GDP. 

This is an important wind for the sector. Also, ongoing urban transformation projects are important leverage for the sector. In urban areas, 178 zones where almost 1.5 million people live covering 8,000 hectares have been declared “risk zones.” Nearly 90,000 buildings, including residential buildings and offices, have been deemed risky. The fact that all of them will be renewed is an important business opening for the sector and the financial support of official authorities is a significant opportunity.  

BASIC FACTS

Region: Turkey
Industry: Construction
Time: 2016-2023
Project volume: n/a

The historic Istanbul district of Üsküdar will receive a brand-new look thanks to a massive project to redesign a historic square by the Bosphorus, which is decorated with numbers of valuable Ottoman buildings and mosques. 

The project was launched on Sept. 3, with a ceremony with the participation of Üsküdar Mayor Hilmi Türkmen. 

A multistoried parking lot with a thousand-car capacity will be constructed underground as part of the project. 

In addition, the square will include malls, an underground market, cafes, an exhibition hall, a museum of urban recollection and craft workshops. Trade spaces will be constructed in line with the texture of the district. 

The bus terminal in Üsküdar’s Harem will also be moved to Istanbul’s Dudullu district, according to the project plan.

If you are interested in receiving more information about this topic, please contact us to learn how you can benefit from these opportunities.

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