International construction market survey 2016
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Around the globe<br />
Turkey – Istanbul<br />
High public infrastructure spend poised to revive faltering <strong>construction</strong> industry<br />
Economic overview<br />
The erosion of the Turkish lira since the second half of 2013<br />
has raised the price of foreign currency imports, while<br />
interest rates continue to rise.<br />
Construction <strong>market</strong> and trends<br />
The <strong>construction</strong> industry continued to tighten in the first<br />
half of 2015 before rebounding later in the year with 1.9<br />
percent growth between the second and third quarters.<br />
Following strong growth in 2014, public sector <strong>construction</strong><br />
fell in 2015, recording just 2.6 percent growth. The private<br />
sector saw even more of a slowdown, with growth falling<br />
to just 1.2 percent during the first nine months of 2015.<br />
Currency depreciation has added to the cost of imported<br />
materials essential for <strong>construction</strong> projects, while higher<br />
interest rates and trade wages are also increasing<br />
<strong>construction</strong> costs.<br />
Future outlook<br />
Infrastructure will be the main driver in <strong>2016</strong>, with marine,<br />
high-speed rail, metro and highway projects going ahead<br />
alongside significant healthcare and urban transformation<br />
programmes. Several mega-infrastructure projects also<br />
remain on the agenda, including the widely discussed<br />
third bridge and airport. The housing sector is forecast<br />
to grow 20 percent through the year, driven by the<br />
government’s <strong>2016</strong> Action Plan.<br />
<strong>International</strong> building costs per m 2 of internal area, in <strong>2016</strong><br />
TRY<br />
USD<br />
(exchange<br />
rate: 2.95)<br />
Airports (building only)<br />
Domestic terminal, full service 6,000 2,030<br />
Low-cost carrier terminal, basic service 4,000 1,360<br />
Car parks<br />
Multi-storey above ground 1,250 420<br />
Multi-storey below ground 1,450 490<br />
Commercial<br />
Offices – Business Park 2,450 830<br />
CBD Offices – up to 20 floors medium (A-Grade) 2,700 920<br />
CBD Offices – high-rise prestige 2,850 970<br />
Education<br />
Primary and secondary 1,850 630<br />
University 2,550 860<br />
Hospitals<br />
Day centre (including basic surgeries) 1,800 610<br />
Regional hospital 2,450 830<br />
General hospital (e.g. city teaching hospital) 2,550 860<br />
Hotels<br />
3 Star travellers 2,400 810<br />
5 Star luxury 4,550 1,540<br />
Resort style 3,450 1,170<br />
Industrial<br />
Warehouse/factory units – basic 1,350 460<br />
Large warehouse distribution centre 1,850 630<br />
High-tech factory/laboratory 2,800 950<br />
Residential<br />
Individual detached or terrace style house – medium standard 1,680 570<br />
Individual detached house – prestige 2,250 760<br />
Townhouses – medium standard 1,990 670<br />
Apartments low-rise – medium standard 1,950 660<br />
Apartments high-rise 2,550 860<br />
Aged care/affordable units 1,800 610<br />
Retail<br />
Large shopping centre including mall 2,400 810<br />
Neighbourhood incl super<strong>market</strong> 1,950 660<br />
Prestige car showroom 2,300 780<br />
66<br />
Turner & Townsend
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