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Sunday, September 07, 2008

Building Permits Down In Turkey In Q2 2008

According to Turkstat, during the first six months of 2008 compared to the first six months of 2007, and based on Construction Permits given by municipalities, the floor area, the number of buildings, and the number of dwelling units decreased by 12,6 %, 13,6%, and 10,5% respectively while the value of buildings erected increased by 3,1 %.

In the first six months of 2008 compared to the first six months of the previous year, considering the Construction Permits, the number of residential buildings fell down from 47 053 to 39 851, decreasing by 15,3 %. During the same period, the floor area of residential buildings fell from 43 871 844 m2 to 37 477 625 m2, a decrease of 14,6 %.

Obviously we can expect no GDP "uplift" from construction in the immediate future.

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