Turkey’s construction and tourism related efforts to cement the country’s position amongst top 10 economies in the world by 2023

Istanbul - Turkey, August 20th, 2013 - Turkey is expected to become the 9th largest economy in the world by 2050 and it is predicted that the average growth for 2012-2017 will be 5.2%. As for the construction sector in Turkey, it benefits immensely from its geographic position and its ability to serve European, Middle Eastern and African markets relatively easily. It also has a strong economy and a vibrant tourism industry and, as a result, many global hotel chains have targeted the country for growth.
According to the Ministry of Culture and Tourism, the number of foreign travelers arriving in Turkey for the first three months of 2013 was 5.2 million, a 13.5% increase compared with the same quarter last year. With the celebrations for the 100th Anniversary of the Turkish Republicin the near future, a goal has been set to reach 70 million tourist arrivals to Turkey with US$80 billion by 2023.
Turkey is ranked 2nd after China in International Contracting Business, with 33 Turkish Contractors ranked among World's top 225 while 6 were ranked among top 100.International visitors are coming from an increasingly broad base of countries, and they will be bringing with them different requirements for their accommodation which will open up new pockets of demand.
With the recently implemented Urban Regeneration Law, 6.5 million Residential units are expected to be regenerated in the next 20 years; this is an industry of USD 400 billion.
The power of the Turkish real estate market most probably stems from the growing and young population. However, it is believed that the market distinguishes itself from other emerging markets by its growing development potential. Market conditions are also favourable. The potential for a rapid return on investment, attractive construction prices, government support and the availability of qualified products have all contributed to the upsurge in development.
Turkey is also among the world’s top 12 producers of building materials such as cement, glass, steel and ceramic tiles, thus making its construction and contracting industry one of the largest in the world.
It is these projections and trends which cement the timeliness of a forum being proposed with the official endorsement of the Ministry of Culture and Tourism of Turkey – The Turkey Design Mission Edition III. This initiative will be Turkey's only event to gather the key stakeholders involved in development projects as part of the Hospitality focus in the region along with the Urban Regeneration scheme.
With a perfect mix of 150 Developers, Architects, Interior designers, Engineers, Contractors, Project Management Consultants, Design Consultants, Procurement professionals and Advisory services across Hospitality, Commercial and Residential sectors, this forumtaking place on November 14th and 15th will explore the opportunities and challenges emerging in light of the rapidly evolving design and build process.
Key discussions delivered by industry experts include, Turkey’s tourism development strategy for 2020, the $400 billion Urban Regeneration Industry. analysing the disparity over hotel rooms’ demand and supply in Turkey and its long term effects.From the design and architectural standpoint, Global Heads of Design from International Hotel Brands will discuss the design and brand standards for their respective hotels and the inclusion of sustainable measures as well as a starchitects session debating a sense of place in an international context.
The agenda will also include face to face interactions with the Developers, Architects and Interior Designers looking to source the most innovative products from International solutions providers and most importantly lead goal setting discussions to prescribe the standards to be met as part of Turkey's Vision of 2023 in the Real Estate sector.
Ravi Kumar, Director at IDE has also explained further, “One of the key markets looking at significant boosts is the Real estate sector in Turkey; therefore, IDE is launching its global Design Mission series in the Turkish building and construction market to effectuate immediate business propositions amongst International and national business leaders, whilst sharing ideas, acquiring more knowledge on innovative products and understanding best practices that will help this region compete successfully on the world stage. It is by strengthening the international ties that Turkey can place itself among the top 10 economies in the world by the year 2023.”

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This release was published on openPR.