The Best Construction Companies in Turkey
Turkey has become one of the best destinations for foreigners, whether for settling in or for real estate investing due to the many advantages that distinguish it from many other countries. Of course the reputation of the Turkish construction companies is one of the main reasons that makes people choose Turkish real estate without hesitation. The real estate industry in Turkey is one of the most advanced and developed industries, which is very clear in the residential complexes, villas, chalets, skyscrapers, and the infrastructure projects that are being built in Turkey.
The volume of projects undertaken by Turkish contractors outside Turkey during the first half of 2024 amounted to approximately $7.6 billion. According to data from the Turkish Ministry of Trade, during the first 6 months of 2024, the contracting sector acquired 82 projects outside the country worth $7.6 billion, and since 1972 until last June, the Turkish contracting sector acquired 12,207 projects worth $511 billion in 137 countries.
Russia received the lion's share of the value of projects implemented during the aforementioned period, amounting to $102.3 billion, followed by Turkmenistan with $53.4 billion, Iraq with $34.7 billion, and Libya with $30.9 billion. The volume of projects undertaken by the Turkish contracting sector in Saudi Arabia during the same period amounted to $28.2 billion, $21.3 billion in Algeria, $20.3 billion in Qatar, and $13.2 billion in the UAE.
Turkish construction companies among the world’s ranking
In August every year, the American magazine ENR (Engineering News Record) publishes a report of the top construction international companies. ِAccording to its report in 2022, for the second year in a row, China occupied the top three ranks as the best construction companies in the world through China State Construction Engineering Corporation, China Railway Group Limited (CREC), and China Railway Construction Corporation Limited. On the other hand, 42 Turkish companies entered ENR’s 2022 Top 250 International Construction companies list, up from 40 firms that made it to the previous list. Therefore, the top 10 Turkish companies in the list are Rönenans, Limak, Yapı Merkezi, Enka, Ant Yapı, Tekfen, Onur Taahhüt, Esta inşaat, Alarko and TAV. While the combined revenues of these companies amounted to $20.4 billion, increasing their share of the global market from %4.4 or $18.3 billion to %5.1.
Based on a statement by the Turkish Constructors’ Association (TMM), 8 Turkish contracts were among the top 100 global companies, according to their international revenues.
What do you know about the largest Turkish construction companies?
Rönesans Holding:
It is a Turkish contracting and investment company operating in construction, real estate development, energy, industrial facilities and health. The company’s headquarter is in Turkey, yet it also works in the Commonwealth of Independent States, Europe, Middle East and North Africa. It was founded in 1993 by Erman Ilıcak. Rönesans Holding work is not limited only to residential buildings but also to shopping malls, offices, hotels, residences, composite structures, heavy industry plants, infrastructure plants, light production plants, factories, and energy plants. In some projects, it takes on the management of its building. It ranks as the first construction company in Turkey and according to ENR, it ranks 24th internationally.
Limak Holding:
It is the second biggest Turkish construction company that was founded in 1976. It also provides services in tourism , cement , energy , infrastructure , aviation , electrical and mechanical contracting, technology, and food and beverage sectors. In December 2020 it was among the top 10 companies that have received the most public tenders. Limak Construction Group, which is part of the holding, is the world's 67th largest construction company according to ENR’s report in 2022.
Yapı Merkezi:
It is a group company that was founded in 1965 by Ersin Arioglu and Koksal Anadol. The company’s headquarter is in Istanbul. Its main activity is in construction including buildings, rail systems and heavy construction projects. Yapı Merkezi works in many countries such as Saudi Arabia, Algeria, Morocco, the United Arab Emirates, Sudan, Ethiopia, Slovenia, and many others. Yapı Merkezi is the third biggest construction company in Turkey. There are currently 12,000 people employed by it in 2023 while the company’s latest financial report indicates net sales revenue of about 2 billion dollars.
ENKA:
It is a Turkish engineering and construction company. It was founded in 1957 in Istanbul. Enka, which was the biggest construction company in Turkey, in 2017, is the fourth largest construction company in Turkey, according to ENR’s report on 2022. It provides construction and engineering services to about 30 countries across the world. In addition to its work in engineering and construction in terms of real estate and complexes, the company worked in the construction of power plants, airports, bridges, pipelines, highways, business towers, and shopping centers. Enka has employed about 200,000 people in its projects worldwide. It has carried out around 500 projects in more than 30 countries including Albania, Cameroon, Kazakhstan, the Netherlands, Nepal, Oman, Romania, Russia, Saudi Arabia, Sierra Leone, Tajikistan, and Ukraine. Worthed to be mentioned, ENKA’s latest financial report indicates net revenue of about 1.5 billion dollars.
Ant Yapı:
It is a Turkish construction company working on building residential and commercial towers. The company was founded in 1991. Its headquarter is Istanbul, Turkey but it also has offices in Russia, UK, USA and Turkmenistan.
Ant Yapi operates large-scale construction projects such as residential buildings, office buildings, shopping centers, and hotels, in addition to infrastructure projects such as highways, bridges, and tunnels. It has received several awards for implementing eco-friendly projects within its sustainability efforts, including the "Greenest Construction Site" award from the Istanbul Chamber of Industry. Ant Yapı’s latest financial report indicates net revenue of 5-10 million dollars.
Reasons why people choose Turkish real estate over other countries
People usually choose to buy Turkish real estate properties whether to settle in Turkey or to invest by reselling and renting, for these reasons:
Turkey’s geographical location
Whether people want to live in Turkey or invest in real estate, the geographical location of Turkey is one of the main reasons why they choose it as it is located between 2 continents. It is also located in the center of the world according to google maps. This makes it more profitable for real estate investment and makes an easy movement for people who choose it as a place to live in, as it shortens the distance when travelling to their homelands.
Relatively cheap prices:
People usually buy real estate in other countries for citizenship or real estate investing. In both cases Turkey is cheaper than many European countries with the same construction quality and even more.
Turkish government facilities:
What distinguishes Turkey from other countries, the most, is that the Turkish government made many facilitations to foreign investors including exemption from taxes and protecting their rights through a number of regulations and laws.
Turkey’s economic renaissance:
Turkey has been witnessing a huge economic growth, recently which makes it one of the leading countries in line with the world’s greatest countries like the USA, China, and Germany. This is due to the rapid development that the Turkish government has been working on in many sectors such as industry, technology, tourism, construction, education, and many others. Therefore, the eyes of foreign investors have moved to Turkey in order to make business whether by real estate investing or other profitable projects.
The reputation of the Turkish real estate and construction companies:
Over the years, Turkish construction companies have proven their high and perfect performance, whether in the construction of residential complexes or in infrastructure projects such as airports, metro stations, factories and companies around the world. This has extended their work and increased the demand for it, accordingly they have been added to the world’s best contractors which we talked about in detail within this article.
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