Turkish Real Estate Sector Achieves 59 Consecutive Quarters of Growth

Sustained Growth Amid Economic Flux: Turkish Real Estate Industry’s Resilience

In Turkiye, the real estate sector, one of the key industries, has been contributing to the country’s economic growth for 59 consecutive quarters. According to data from the Turkish Statistical Institute, the country’s economy grew by 5.7% in the first quarter of this year (January-March period).

The construction sector took the lead in economic activity with a performance of 11.1%. The growth trend in real estate activities closely associated with the construction sector also stood out. The real estate activities sector, which has been contributing positively to the country’s economic growth for the past 59 quarters, grew by 2.5% in the first quarter of this year. The sector last experienced a contraction in the second quarter of 2009.

Neşecan Çekici, the President of the Real Estate Investors Association (GYODER), highlighted that the real estate sector, which feeds into 250 sub-sectors, has been continuously contributing to the economy for 15 years.

Çekici pointed out that the number of employees in the construction sector was 1.552 million in January 2023, and as of March 2024, it increased to 2.056 million, indicating an increase of 504,000. Despite a 17 percent decline in housing sales in Turkiye in 2023, the country remains the liveliest market in Europe.

Engin Keçeli, President of the Istanbul Constructors Association (İNDER), emphasized that the real estate sector, which positively affects around 250 sub-sectors, significantly boosts the economy. Despite a decrease in housing sales, the continuous growth of the real estate sector’s contribution to the economy is evident.

Selman Özgün, Chairman of the Board of Helmann Holding, highlighted the significant contribution of the real estate sector to the Turkish economy in terms of both employment and production. He underscored that the real estate sector’s positive contribution to growth has continued for 59 quarters.

Abdüssamet Bahadır, CEO of Bahaş Holding, stated that the real estate sector in Turkiye has been contributing to economic growth for 15 years and will continue to drive future growth. He emphasized the need for innovative approaches and financial solutions to sustain the growth of various sectors in the country.

The real estate sector is vital not only for Turkiye but also for economies worldwide, creating employment, attracting investment, contributing to GDP and financial market development, generating tax revenue, and indirectly supporting tourism. International strategies targeting real estate investors need to be developed to further enhance its contribution to the economy.

Source: AA / Prepared by Irem Yildiz

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