Posted on 19 November 2009
The global construction industry will grow by 70% over the next decade as output in emerging markets overtakes that of established markets, according to new research.
The Global Construction 2020 report, from market analysts Global Construction Perspectives and Oxford Economics, forecasts that total construction output will rise from the current $7.5 trillion to to $12.7 trillion by 2020. Residential construction will account for 40%of that according to the report.
Turkey is mentioned in the report, along with Vietnam and Nigeria as having among the fastest growing construction output in the world, alongside the great emerging markets of India and China.
Turkey’s mention as one of the fastest growing markets in global construction output comes as no surprise to us. The report says that this transformation of emerging markets overtaking their established counterparts, is because of massive infrastructure development in those countries, coupled with their phenomenal population growth and GDP projections.
We have been watching the rapid pace of growth in Turkish infrastructure development for several years now.
It is fairly obvious to anyone who follows the markets that construction output, as well as output in similar sectors, would grow much faster in emerging markets than in established ones in coming decades. And once you know that, then, Turkey, being one of the largest and fastest growing emerging markets is obviously going to see construction output grow among the fastest in the world.
As Turkey grows into one of the fastest growing and most vibrant emerging markets; a regional power and then a global power, property values will continue to grow in value, steadily as they always have. EU membership will also be granted when the benefit to the EU can no longer be ignored. Now is most definitely the time to make your investment into this cycle with a carefully chosen property purchase.