Off-plan property projects set to boost Turkish construction sector
Construction firms in Turkey are expecting to see a boost in the second half of 2010 as investment in off-plan property increases, reports the Hurriyet Daily News.
The chairman of the Turkish Contractors Association, Erdal Eren, said that 2009 had been a tough year for the industry as the country's real estate market suffered from the economic crisis. However, he predicted that 2010 would be better.
In December, the Monetary Policy Committee at the Central Bank of Turkey took the decision to leave interest rates unchanged after 11 months of reducing the overnight borrowing rate. The reason behind this is said to be a 'moderate increase in economic activity'.
2010 is predicted to be a big year for Turkey, as holiday firms in the UK add extra flights to destinations across the country to cope with demand, which could see a boost in the country's property market.
Mr Eren told the newspaper: "With the reduction in taxes we expect the process to speed up a bit more and sales to revive. New real estate projects are expected to be launched starting the second half of 2010."
Turkey is also expected to benefit from its position outside of the eurozone.
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