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The State of Property Development in Turkey: Facts and Comparisons

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  • Seda Demiralp

    () (Department of Political Science, Isik University)

  • Selva Demiralp

    () (Department of Economics, Koc University)

  • Inci Gumus

    () (Faculty of Arts and Social Sciences, Sabanci University)

Abstract

Turkey has been going through a profound urban renewal process in the past decade, mainly based on a policy where public land is rapidly commodified by the state and used for construction projects through public-private partnerships. To some, this mechanism of state-led property development defines a new era in Turkish political economy and that the government shifted away from its earlier economic orientation defined by a commitment to structural reforms and production of exportable goods. Yet others deny the existence of such a shift and highlight that the growth rate in Turkey’s construction sector is not above global trends. Despite profound public interest in the topic, empirical studies that investigate the subject remain limited. This paper aims to make a contribution in this regard and investigates how the sectoral decomposition of GDP has changed in recent years, with an emphasis on the construction and industrial sectors.

Suggested Citation

  • Seda Demiralp & Selva Demiralp & Inci Gumus, 2015. "The State of Property Development in Turkey: Facts and Comparisons," Koç University-TUSIAD Economic Research Forum Working Papers 1503, Koc University-TUSIAD Economic Research Forum.
  • Handle: RePEc:koc:wpaper:1503
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    File URL: http://eaf.ku.edu.tr/sites/eaf.ku.edu.tr/files/erf_wp_1503.pdf
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    1. Seth Carpenter & Selva Demiralp, 2008. "The Liquidity Effect in the Federal Funds Market: Evidence at the Monthly Frequency," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(1), pages 1-24, February.
    2. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    3. repec:ucp:bkecon:9780226731445 is not listed on IDEAS
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