The decision of snap elections to be held on June 24 has created enthusiasm in Turkey's construction and real estate sectors, which are one of the main locomotives of the Turkish economy.
The decision was welcomed by sector representatives, who also said that purchases and investments in both construction and real estate sector will gain significant momentum in the near future.
President Recep Tayyip Erdoğan last week announced a plan to hold presidential and parliamentary elections on June 24, more than one year earlier than the original date of Nov. 3, 2019.
Turkish Construction Industry Employers' Association (İNTES) President Celal Koloğlu stated that they greatly welcomed the snap election plan for the construction sector, business community and the future of the country.
Stressing that the elections will be an important turning point in terms of moving from the atmosphere of uncertainty to an environment of stability, Koloğlu said, "Removing uncertainties from the market and ensuring stability will make a positive contribution to investment decisions and economic growth. After leaving the election agenda behind, Turkey will be able to focus on investments, employment and economic growth in the second half of the year."Mehmet Akyüz, CEO of Barış İnşaat, which has been operating in the construction industry for 50 years, told the Turkish Sabah newspaper that investments would accelerate, noting that this is a golden opportunity for the sector.
He also said the positive atmosphere created by the snap elections would be felt in the construction sector, adding, "In such an environment where costs and financing costs have been constantly rising for our sector, all sector players have felt relieved. All kinds of trading will also be invigorated by the snap elections."Elaborating on the decision, Nazmi Durbakayım, head of the Istanbul Constructors Association (İNDER), said: "The uncertainty has disappeared. The reaction of currency markets to this has revealed investor expectations. We can see its reflection on sales in the next few days."
Association of Real Estate Investment Companies (GYODER) President Feyzullah Yetgin stressed that the decision would have a positive impact on the markets, adding that they welcomed the snap election decision.