Turkey Construction sector
HOGIAF
10-01-2014
Student number
First name
Last Name
S1027107
S1038091
S1039843
S1040303
S1021655
Melanie
Wouter
Wouter
Mirjam
Mehtap
Annevelink
Plaisier
van Ruijven
Schraal
Turgut
Preface
In front of you lies the report about the opportunities for Dutch entrepreneurs in the Turkish
construction industry. The report also contains a research about what the most favourable way is to
enter the Turkish market and what the role of HOGIAF could be.
The report is a result of a study being undertaken by Melanie Annevelink, Wouter Plaisier, Wouter
van Ruijven, Mirjam Schraal and Mehtap Turgut. The report contains a DESTIEP-analysis, a SWOTanalysis, description of the current situation and the trends and expectations of the construction
industry in Turkey and the Netherlands and a description of the market entry strategies to Turkey.
2
Executive summary
1. Research Design
The main question of this report is ‘What are the opportunities in the Turkish building sector for
Dutch entrepreneurs and to what extend is HOGIAF able to help Dutch entrepreneurs to exploit these
opportunities?
Hypotheses 1: The most chances and opportunities for Dutch entrepreneurs in the Turkish
construction sector are in housing. The population of Turkey is very young and still growing and there
is need for more housing.
Hypothesis 2: The most favourable way to enter the Turkish market is to do the market entry strategy
joint venture.
2. DESTIEP-analysis
Differences between the Netherlands and Turkey are significant. The Netherlands is a more
developed country, but Turkey is rapidly growing and developing. Expectation is that Turkey will
transcend the Netherlands, especially in the economy. However, Turkey still has a long way to go on
the political and social aspects; this is also one of the reasons why Turkey is not an EU-member yet.
3. Current situation of the construction industry in Turkey and the Netherlands
The Turkish construction sector keeps on growing, while the Dutch construction market keeps
decreasing. The Dutch are very good in water management (infrastructure), highways and traffic
flow, while the Turks are well known in construction buildings.
There will be several opportunities for both countries when they will collaborate. Both countries will
make profit out of this; the growing market of Turkey and the knowledge of the Dutch. A way for
Dutch entrepreneurs to enter the Turkish market could be starting a joint venture between a Turkish
and a Dutch company.
4. SWOT-analysis
Going abroad is a big opportunity for Dutch entrepreneurs, because the construction industry in the
Netherlands is not really growing. In the Turkish construction industry are a lot of opportunities,
because of the growing population and the growing industrialization and urbanization.
However for Turkey the foreign interest is also a threat. Because foreign countries are taking more
interest in Turkey, because of their growing economy, the competitiveness of foreign companies also
gets higher for the Turkish companies.
5. Trends and expectations
The Turkish construction industry has outperformed its neighbouring countries, despite to Eurozone
crisis. As a result of the focus of the government on the development on physical and social
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infrastructure in the country, the outlook for the Turkish construction industry is positive. The
country plans to become the 10th fastest economy in the world by 2023. Turkish growing populations
is creating chances for the constructing companies. The need for housing and premises are increasing
because of this population growth.
The trends and expectations of the Dutch construction sector are not showing as favourable numbers
as Turkey’s construction sector does. The construction industry of the Netherlands has to face hard
times, which is namely caused by governmental intervenes. The Dutch construction market recorded
to negative Compound Annual Growth Rate (CAGR). The trends of the last period in the Dutch
construction industry, is expected to go on in the upcoming period. Though there is expected to be
little improvement, if the government implements measures to protect the banking system from the
risk of large mortgage defaults.
6. Market entry strategy
The best way to enter the Turkish construction sector market is to start a joint venture with a Turkish
company, or partner up (strategic alliance) with a Turkish company. In Turkey connections are very
important, and in this way you have the necessary local knowledge and it is a better way to be
competitive. Also you gain the trust of possible Turkish customers. A local partner also makes it
easier to know which rules and laws you need to take into account. Another advantage of starting a
joint venture or partnering up in comparison to the other strategies is that the costs and risks are
lower.
7. Conclusion
Finally, there are a lot of opportunities in Turkey for Dutch entrepreneurs. The construction industry
of Turkey is increasing, because of the growing population and economy. In comparison to the Dutch
construction sector, have the Turkish more opportunities.
The best way to enter the Turkish market and use these opportunities is by starting a joint venture in
Turkey with a Turkish company or partner up with a Turkish company.
HOGIAF could play a major role in this. The federation already has business connections in Turkey,
and by helping Dutch entrepreneurs with partnering up with a Turkish company, could be a great
way for Dutch companies to start in Turkey.
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Table of content
Preface..................................................................................................................................................... 1
Executive summary ................................................................................................................................. 3
Introduction............................................................................................................................................. 7
1. Research design ................................................................................................................................... 8
1.1 Introduction ................................................................................................................................... 8
1.2 Problem definition......................................................................................................................... 8
1.3 Goal ............................................................................................................................................... 8
1.4 Main- and sub-questions ............................................................................................................... 8
1.5 Research methods ......................................................................................................................... 9
1.6 Hypotheses .................................................................................................................................... 9
1.7 Project results ................................................................................................................................ 9
1.8 Terms that are used in the report ................................................................................................. 9
2. DESTIEP-analysis of Turkey and the Netherlands.............................................................................. 12
2.1 Demographic ............................................................................................................................... 12
2.2 Economic ..................................................................................................................................... 13
2.3 Social............................................................................................................................................ 14
2.4 Technological ............................................................................................................................... 15
2.5 Import & Export ........................................................................................................................... 16
2.6 Ecological ..................................................................................................................................... 17
2.7 Political ........................................................................................................................................ 19
3. The current situation of the construction industry in Turkey and the Netherlands with main focus
to the housing industry and infrastructure ........................................................................................... 22
3.1 Current situation in Turkey.......................................................................................................... 22
3.1.1 General information ............................................................................................................. 22
3.1.2 Recent data Turkish construction industry .......................................................................... 23
3.1.3 Major construction companies ............................................................................................ 23
3.1.4 Opportunities for Dutch construction companies................................................................ 24
3.2 Current situation in the Netherlands .......................................................................................... 25
3.2.1 General information ............................................................................................................. 25
3.2.2 Recent data Dutch construction industry............................................................................. 26
3.2.3 Major construction companies ............................................................................................ 27
4. SWOT-analysis of the Turkish and Dutch construction industry ....................................................... 28
5
4.1 Turkish construction industry:..................................................................................................... 28
4.2 Dutch Construction industry ....................................................................................................... 29
5. The trends and expectations of the construction industry in Turkey and the Netherlands ............. 31
5.1 Trends and expectations of the Turkish construction sector ...................................................... 31
5.1.2 House sales statistics ............................................................................................................ 33
5.1.3 Turkey’s real estate sector ................................................................................................... 33
5.2 Trends and expectations of the Dutch construction sector ........................................................ 34
6. Market entry strategies for Dutch entrepreneurs on the Turkish construction industry ................ 36
6.1 Introduction ................................................................................................................................. 36
6.2 Export .......................................................................................................................................... 36
6.3 Joint venture................................................................................................................................ 37
6.4 Strategic alliance ......................................................................................................................... 37
6.5 Takeover ...................................................................................................................................... 38
6.6 Starting your own business in Turkey ......................................................................................... 38
6.7 Foreign Direct Investment (FDI) .................................................................................................. 39
6.8 Advice for the best entry strategy ............................................................................................... 40
7. Conclusion ......................................................................................................................................... 42
8. Sources .............................................................................................................................................. 44
Appendix 1............................................................................................................................................. 46
Appendix 2............................................................................................................................................. 52
Appendix 3............................................................................................................................................. 54
Appendix 4............................................................................................................................................. 55
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Introduction
In front of you lies the report based on the findings we have gained during our research towards
Turkey. This report is written for HOGIAF. HOGIAF is a federation who helps Dutch entrepreneurs to
do business with in this case Turkey. They do this by planning events such as trade missions and
providing information for those companies. This year they want to start a trade mission to Turkey, so
they needed a report in which information about Turkey is clarified. The main target of this report is
numbers, rates and digits about Turkey, with in particular a view on the construction industry. They
have also other project like for example towards agriculture, but for now they wanted information
about the construction industry in Turkey as well in the Netherlands. The reason they particularly
want numbers about Turkey, is because they are Turks themselves, so they don’t need much general
information about the country.
We have started this research with a DESTIEP analysis to figure out in what way the Netherlands
differ from Turkey. DESTIEP stands for Demographic, Economic, Social, Technological, Import &
Export, Ecological and political. This model is very useful, because it covers about all important
aspects.
After that a clarification about the Dutch en Turkish construction market is written in order to make
an evident view in which way these two markets are different from each other.
The next part is an SWOT-analysis. This model makes it very easy to see in which parts lay the
strengths, weaknesses, opportunities and treats of the Dutch construction industry. This is also the
case of course for the Turkish construction industry.
After that follows the research question about the forecasts and expectations for the Dutch and
Turkish construction industry. Turkey has a growing market, but will this continue? And how about
the Dutch market? For HOGIAF it is of importance to know what the future is most likely to bring.
In completion the last parts is about what entree strategy is the most suitable to enter the Turkish
construction market.
As usual the report will be finished with a conclusion and recommendations for HOGIAF.
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1. Research design
1.1 Introduction
In this chapter, the research plan of the report is elaborated. First there will be described what the
problem is and the goal of this report. The main- and sub-questions of the research will be
mentioned, the research methods and important terms that are used in the report will be defined.
1.2 Problem definition
The Dutch construction sector is not going very well. This is why HOGIAF wants to know what the
possibilities are for Dutch entrepreneurs in the Turkish construction sector. Are there chances and if
so, what would be the best way to utilize these opportunities.
1.3 Goal
The goal of this report is to find if there are chances and opportunities in the Turkish construction
sector for Dutch entrepreneurs and what the best way is to entry the Turkish market. By looking at
several key factors that influence these chances and looking at the trends and expectations of
Turkey, there will be known what these chances and opportunities are.
After that there will be looked at, in what way Dutch entrepreneurs can enter the Turkish
construction sector.
1.4 Main- and sub-questions
Main question
‘What are the opportunities in the Turkish building sector for Dutch entrepreneurs and to what extend
is HOGIAF able to help Dutch entrepreneurs to exploit these opportunities?’
Sub questions
1. What is the current situation in Turkey and the Netherlands, according to the demographic,
economic, social, technical, import, export and political situation?
2. What is the current situation of the construction industry in Turkey and the Netherlands with
main focus to the building - and infrastructure industry?
3. What are the Strengths, Weaknesses, Opportunities and Threats of Turkey and the
Netherlands?
4. What are the trends and expectations of the construction industry in Turkey and the
Netherlands?
5. Which of the entree strategies is the most suitable for the Dutch entrepreneurs to enter
Turkey?
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1.5 Research methods
For our report we will make use of desk and field research. For a few sub questions there will be
more specific methods used.
Sub-question
1.
2.
3.
4.
5.
Method
DESTIEP analysis
Desk and field research
SWOT analysis of Turkey and the Netherlands
Forecast and scenario planning
Entree strategies
1.6 Hypotheses
Hypothesis 1:
The most chances and opportunities for Dutch entrepreneurs in the Turkish construction sector are
in housing. The population is very young and still growing and there is need for more housing.
Hypothesis 2:
The most favourable way to enter the Turkish market is to do the market entry strategy joint
venture.
1.7 Project results
By doing research for this report and writing this report, the project result will be, that HOGIAF will
know, after reading the report, what the chanced and opportunities are for Dutch entrepreneurs in
the construction sector of Turkey.
Also the best market entry strategy to Turkey will be known by HOGIAF.
This report is not only meant for HOGIAF, but also for the Dutch entrepreneurs that are connected
with HOGIAF (members). The report has to be clear for them as well, so after reading it, they can
know if there are chances for their company in the Turkish construction sector.
1.8 Terms that are used in the report
In this paragraph you will find the definitions that are used for this report. In appendix 1 you will find
the definitions from which they are derived.
Building industry / construction industry
We would like to use definition number three because it is the most specific one. It contains all kinds
of construction you can image. In short the construction or building industry contains either the
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home industry (like business premises, recreation buildings, family homes) as the whole
infrastructure. (See appendix 1 for full definition.)
Export used definition:
Export is a function of international trade whereby goods produced in one country are shipped to
another country for future sale or trade.
This definition is chosen, because these are the main factors that are named in both definitions. This
is the core of what export is and what there is meant with export in this report.
Foreign Direct Investment (FDI) used definition:
FDI stands for Foreign Direct Investment, a component of a country's national financial accounts.
Foreign direct investment is investment of foreign assets into domestic structures, equipment, and
organizations. It does not include foreign investment into the stock markets. Foreign direct
investment is thought to be more useful to a country than investments in the equity of its companies
because equity investments are potentially "hot money" which can leave at the first sign of trouble,
whereas FDI is durable and generally useful whether things go well or badly.
This is the definition that is chosen because it is the most complete one, and it doesn’t include
investments in the stock market. This is exactly what there is meant by FDI in the report.
Housing
We would like to use a combination of all three of the definitions, definition 1, definition 2 part 1 and
2, definition 3 part 1. The reason why we combine these parts is to make our definition more
complete. Actually we added an additional part, namely: All buildings where people can live in, work
in (like States of Hall and premises), learn in (like schools), eat in (like restaurants and bars) or enjoy
themselves in (like cinema or dancing). (See appendix 1 for full definition.)
Infrastructure used definition:
The basic systems and services that are needed in order to support an economy, for example,
transport and communication systems and electricity and water supplies: Infrastructure and
economic projects will take time to complete and may not meet the population's high expectations.
The country's/nation's/city's infrastructure.
We would like to use this definition, because in our opinion it is the most complete one. In includes
all kinds of transport and the associated supporting buildings like for example railway stations and
airports. Thereby, number one also includes the social aspect which is not important for us and
number two is more specifically for organisations and their systems.
Joint venture used definition:
A joint venture is a business arrangement in which two or more parties agree to pool their resources
for the purpose of accomplishing a specific task. This task can be a new project or any other business
activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs
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associated with it. However, the venture is its own entity, separate and apart from the participants'
other business interests.
There has been chosen for this definition because this is exactly what is meant by joint venture in this
report. It has all the core factors of a joint venture and is complete. It is also the core of what all the
other definitions say.
Market entry strategy used definition:
A market entry strategy is a plan or a method by a company to enter a new market or sub-market, for
delivering goods or services there.
This definition is an aggregation of the two given definitions. We chose the definition that will be
used, because this is what is really meant in the report. This is what HOGIAF meant with researching
what the best market strategy would be.
Strategic alliance used definition:
A strategic alliance is an arrangement or agreement between two companies for cooperation, who
have decided to work together toward common objectives. A strategic alliance is less involved and
less permanent than a joint venture. In a strategic alliance, each company maintains its autonomy
while gaining a new opportunity. A strategic alliance could help a company develop a more effective
process, expand into a new market or develop an advantage over a competitor.
This definition is chosen because in this report this is exactly what is meant with a strategic alliance.
In this report a strategic alliance is something different than a joint venture and they are not the
same thing. In this report a joint venture is not a form of strategic alliance.
Takeover used definition:
A corporate action where an acquiring company makes a bid for an acquire. If the target company is
publicly traded, the acquiring company will make an offer for the outstanding shares.
This definition is chosen because it is the same as what there is meant in this report with a takeover.
This is the core of a takeover.
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2. DESTIEP-analysis of Turkey and the Netherlands
In this chapter a DESTIEP-analysis is written. This DESTIEP analysis gives a clear view of the
demographic, economic, social, technological, import & export, ecological and political situation of
Turkey. 1
2.1 Demographic
In this first part, an overall comparison between the Netherlands and Turkey will be made based on
key demographic aspects.
Location
Acreage
Percentage water in the country
Population
Population growth rate
Population density
Male / Female
Average age
Birth rate
Death rate
Migration rate
Infant mortality rate
Life expectancy at birth
Ethnic groups
Religion
The Netherlands
Turkey
Europe
37.354 km²
Over 18%
16.805.037
0,452%
449,9/km²
980 / 1000 (0,98)
42,3 years
10.89 births/1,000 population
8.39 deaths/1,000 population
2.02 migrant(s)/1,000 population
3.73 deaths/1,000 live births
80.91 years
Dutch
80.7%
EU
5%
Indonesian
2.4%
Turkish
2.2%
Surinamese
2%
Moroccan
2%
Caribbean
0.8%
Other
4.8%
Part Europe and part Asia
783.562 km²
1,3%
80.694.485
1,197%
103/km²
1020 / 1000 (1,02)
29,2 years
17.58 births/1,000 population
6.1 deaths/1,000 population
0.5 migrant(s)/1,000 population
23.07 deaths/1,000 live births
72.77 years
Turkish 70-75%
Kurdish 18%
Other
7-12%
Roman Catholic
Protestant
30%
20%
(Dutch
Reformed
Calvinist
Other
Protestant
Obesity
Health expenditures
Muslim
Other
None
13,5%
10,8% of GDP
Muslim 99.8%
Other
11% (mostly Christians and Jews)
6%
3%)
5.8%
2.2%
42%
16,1%
6,7% of GDP
1 Source: Country Report Turkey, Anout Ruhaak – Rabobank Nederland, February 2013
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0.2%
Physicians density
Hospital bed density
Literacy
Education expenditures
School life expectancy
3.921 physicians/1,000 population
4.25 beds/1,000 population
Male: 99% / Female: 99%
5,3% of GDP
Male 17 years / Female 17 years
1.451 physicians/1,000 population
2.41 beds/1,000 population
Male: 95.3% / Female: 79.6%
2,9% of GDP
Male 12 years / Female 11 years
As seen in the table above, the Netherlands is very diverse and a more developed country than
Turkey. Yet Turkey has made great progress in recent years and it can be said that Turkey has more
potential than the Netherlands and almost every other country in Europe. 2
2.2 Economic
The second part of the DESTIEP analysis is the E, which stands for economic. Just as in the
demographic part a comparison between both countries will be described.
2 Source: http://www.intemarketing.nl/marketing/analyses/destep
http://www.indexmundi.com/turkey/demographics_profile.html
http://www.indexmundi.com/netherlands/demographics_profile.html last seen on 21-12-13
13
GDP
Yearly growth
GDP per capita
GDP world ranking
GDP sector allocation
Inflation
Labour force
Labour force sector allocation
Unemployment
youth unemployment
population below poverty line
Electricity consumption
Oil consumption
Gas consumption
FDI inflows
FDI outflows
Government debt
Market value of public
tradable shares
The Netherlands
705,7 milliard
1,6%
42,300.00
17th
Agriculture
2%
Industry
18%
Services
80%
3,2%
7,9 million
Agriculture
4%
Industry
29%
Services
64%
8,7%
6,6%
10,5%
112,5 milliard kWh
1,009,000 barrels per day
53,19 milliard cubic meters
590,3 milliard
989,3 milliard
64,4% of GDP
661,2 milliard
Turkey
1,026 billons
4,6%
14,600.00
15th
Agriculture
8,5%
Industry
28,6%
Services
62,9%
3,9%
27,2 million
Agriculture
25,5%
Industry
26,2%
Services
48,4%
8,8%
25,3%
16,9%
161 milliard kWh
646,300 barrels per day
38,12 milliard cubic meters
98,98 milliard
18,63 milliard
42,4% of GDP
306,7 milliard
As the table shows, the economic differences between the Netherlands and Turkey are remarkable.
Turkey is much more a country that is evolving in the economic sphere, while the Netherlands are
already a highly developed country. So investing in the Netherlands is less risky, but so is the
potential yield, investing in Turkey can be very profitable but also more risky.
Seen the history of Turkey and its connections with the EU, Turkey is very likely to become an even
better country to invest in, at least in an economic point of view. The last years Turkey has made
great improvement on the economic situation and the expectations are that Turkey will continue on
this road. This means that Turkey will become one of the most important economies in the world and
will transcend the EU. At this moment Turkey is already the 15th economy and has overcome the
Dutch economy a few years ago. Only five other European Union countries have a bigger economy
than Turkey, namely Italy, Spain, France, the UK and Germany. 3
2.3 Social
Social relations in the Turkish countryside, especially in the underdeveloped east, are dominated by
Islam and tradition. The family is often still functioning as a production and consumption unit, that is,
self- cultivation products for their own use. A large part of the city's population consists of people
born in the countryside. The men and women world are often strictly separated and the marriage
dowry is still very common. In the village society the Imam and the Aga often play a major role. The
3
Source: http://www.indexmundi.com/nl/turkije/economie-profiel.html http://www.indexmundi.com/nl/Nederland/economieprofiel.html last seen on 21-12-13
14
Aga often plays a role as a link between town and state. Within the context of prevailing conditions
increasing migration (to the cities and abroad), makes changes in this pattern. In cities like Ankara
and Istanbul lives about 25% of the population in the slums. The registered unemployment rate in
1995 was 10%, but it is certain that the real unemployment rate is around 20%. In addition there is a
lot of hidden unemployment and Turkey has lots of street vendors and other marginal occupations.
Turkey has traditionally been the crossroads of many cultures. The golden rule in this country is that
a stranger is always and everywhere welcome. The Turkish population is generally very hospitable.
The social climate and innate kindness make that Turkey is one of the best hosts in the world.
A stranger is not a tourist in Turkey; he is a "konuk," a guest. Even the poorest villager feels called to
receive strangers in the best possible way. Friendliness and hospitality have a long tradition in
Turkey.
The family is the most important thing in their lives. Traditions are still respected. Of course, this is
chancing, especially in the big cities. The parents continue to exert all their influence on their
children's lives. They do not have to worry about their old days, because all the family is willing to
take care for them. Single-person households are exceptions.
Also on the social indicators, Turkey is very different from the Netherlands. Firstly, single households
are in the Netherlands absolutely no exception. In addition, the family in the Netherlands important,
though significantly less important than in Turkey. While older people in Turkey get looked after by
the family, in the Netherlands many lonely elderly people are sitting in nursing homes.
Bridal Treasures and arranged marriages do not existence in the Netherlands and the women have at
least as many rights as men, while the women in Turkey actually still under given to the men.
In terms of hospitality the Netherlands could still learn a lot from Turkey. Dutch people are having
much lesser the need to support foreigners that come to visit the Netherlands.
Netherlands, however, has for example, much less unemployment, no slums and less corruption than
Turkey. 4
2.4 Technological
The technological development of Turkey in comparison with the Dutch already partly addressed in
the economic aspect. In addition, this will be further explained in the following paragraph: Import
and Export. In that part is written what the main sources of export are for the Netherlands.
At present, Turkey is in comparison with the Netherlands and the rest of the EU actually behind when
it comes to technological development. Nevertheless it is important to understand that Turkey is also
catching up in terms of technology towards the EU. In recent years, Turkey has made a big step
forward, while the Dutch development actually collapsed due little research and stimulation from
industry and government. This makes Turkey very attractive, because the Dutch at the moment have
more knowledge in technology, allowing them to come to major improvements with the Turks in the
construction industry. For example when it comes to building methods, material usage, et cetera.
4
Source: http://www.landenweb.net/turkije/samenleving/
http://www.transanatolie.com/nederlands/turkije/sociaal_portret.htm last seen on 21-12-13
15
Turkey would likely transcend the technological development of the Netherlands as well as those of
most other European countries. This include that businesses in the Netherlands will have to make
use of foreign knowledge. For example the knowledge that Turkey will have in the future. 5
2.5 Import & Export
In this part of the DESTIEP analyses once again a comparison between Netherlands and Turkey will be
made, in order to see where the main differences lie in the field of Import and Export between those
countries.
Nominal GDP
Export value of goods and services
Import value of goods and services
Trade surpluses
Main export partners
Main import partners
Main export products
Main import products
The Netherlands
Turkey
705,700,000,000.00
576,900,000,000.00
514,100,000,000.00
+62,800,000,000.00
Germany
26,0%
Belgium
13,0%
France
9,2%
UK
7,7%
Italy
4,9%
Germany
15,5%
China
12,6%
Belgium
8,3%
US
6,8%
UK
6,2%
Electrical machinery and apparatus
Chemicals
Fuel
Food / horticultural products
Auto’s
Computers
Textile & Clothing
Food
1,026,000,000,000.00
133,000,000,000.00
212,200,000,000.00
-79,200,000,000.00
Germany
UK
Italy
France
Iraq
Russia
Germany
China
US
Italy
Textile & Clothing
Iron and Steel
Transport equipment
Agro-industry
Chemicals
Fuel
Machinery
Transport equipment
10,1%
6,4%
5,7%
5,3%
5,3%
11,6%
9,5%
9,3%
6,6%
5,5%
18%
13%
13%
10%
15%
12%
12%
9%
The differences between the Netherlands and Turkey are significant. Although Turkey belongs to one
the 15 greatest economies, there international trade is less important to them then it is for Dutch
inhabitants. They even export less than they import, so there trade surpluses are -79.2 milliards, this
is a remarkable difference compared to the Dutch trade surpluses of +62.8 milliards.
This is due the products Turkey exports, they especially export low costs products such as textile,
clothing and fruits. The Netherlands however export more expensive products, for example electrical
machinery, chemical and transport equipment.
Netherlands and Turkey maintain good trade relations. Nevertheless, the trade volume between the
two countries remains limited.
5
Source: http://webwereld.nl/carriere/57087-nederland-verliest-concurrentieslag-in-technologie last seen 23-12-13
16
In 2012, Turkey and the Netherlands did not just stand still at 400 years of historical relationships,
but they are especially looking ahead towards the existing relationships on diplomatic, economic,
cultural and social fields. The idea is to strengthen these fields in the future.
Turkey and the Netherlands are symbolically linked by the tulip, originally from Turkey and now
primarily a symbol of the Netherlands. Additionally Sinterklaas comes from Turkey. He was the fourth
-century bishop of Myra Byzantine to the current Turkish coast. Nowadays, both countries mainly
connected by 390,000 Dutch citizens of Turkish origin and a growing number of Dutch people
celebrating holidays in Turkey, or even permanently establishing there.
Below is a table of the international trade between The Netherlands and Turkey. 6
Export towards the other country
Percentage of GDP
Trade Surpluses
Main products of export
The Netherlands
Turkey
4,5 milliard -> Turkey
1,5%
+3,4 milliard
Transport equipment
Computers
Metal
Electrical machinery and apparatus
1,6 milliard -> The Netherlands
2,0%
-3,4 milliard
Textile & Clothing
Fruits
Vegetables
Machinery
2.6 Ecological
Turkey is not only culturally, but also in terms of climate at a crossroads. The east of the country and
Central Anatolia have a pronounced continental climate with very hot summers and cold winters
where snow is very common. The areas along the Mediterranean have a Mediterranean climate
while the north coast has a temperate climate. The southeast, except for the mountain area in the
extreme southeast, is mostly dry and even locally desert-like, Turkey has areas with very little rainfall,
and anywhere salt lakes are formed. From Izmir going from west to east, the amount of precipitation
reduces slowly, but along the north and south coast is relatively high rainfall, particularly in the
northern coastal mountains.
Turkey is on average more than 1132 m above sea level and has a large number of isolated mountain
ranges that strongly influence the local climate. The tops of these mountains are often far into the
snowy year, what provides melt water far into the season of the surrounding area. The climatic
conditions high in the Turkish mountains are similar to those in the Alps, although heat and cold are
more extreme.
Characteristic of Turkey vast plains are that they are surrounded on all sides by mountains. Through
these plains sway rivers, those are quite natural for a large part. Marshes may extend over large
areas, like the dusty sand deserts in the central and south-eastern part. Central Turkey receives little
rain, but on the other hand has a strong evaporation leaving in the middle of the triangle Konya -
6
Sources: http://www.cbs.nl/nl-NL/menu/themas/dossiers/eu/publicaties/archief/2012/2012-3620-wm.htm Last seen on 23-12-13
http://zakelijk.infonu.nl/zakelijk/82503-nederland-is-een-belangrijk-exportland.html Last seen on 23-12-13
http://www.rijksoverheid.nl/nieuws/2012/08/02/nederland-belangrijke-handelspartner-voor-alle-eu-landen.html Last seen on 24-12-13
17
Ankara - Kayseri a large salt lake, called Tuz Gölü arose. In the west, the landscape resembles that of
Greece, partly overgrown with forest hills, locally to mountain landscape, with much smaller and one
larger river, the Menderes, or Meander.
The flora of Turkey is extremely rich. This can be explained in conjunction with the range of isolated
mountains who are lying as own islands above the surface. These plateaus are only partially
cultivated, although the reduction in the area of 'wasteland' is fast.
The fauna of Turkey has not yet been fully investigated, although the last 50 years, significant
progress has been made. Large mammals and birds are very rare elsewhere, can still be found in
Turkey, although they are under increasing pressure.
The Netherlands are completely different from Turkey. As the country name indicates, the
Netherlands is low-lying. The biggest part of the Netherlands consists of a coastal plain that
geologically belongs to the North Sea Basin.
While the central part of the North Sea is covered by the sea itself, the edges are claimed by deltas of
large rivers that flow into the sea. At the transition between water and land by the action of the sea
formed beaches, dunes and tidal areas.
By far the most rock outcrops were deposited during the Quaternary in the Netherlands. Formations
of the Upper North Sea Group formed the largest part of the area of the Netherlands. Important
formations are the Formation Naaldwijk, whose sand and clay
is in a large part of the west and north of the Netherlands on
the surface, and the formation of peat in the formation of
Nieuwkoop. The sand of the Boxtel Formation is found in the
east and south, while the deposits of the formation Echteld can
be found around the rivers. Only on small areas are older rocks
to the surface. An exception is South Limburg, where Chalk is in
many places on the surface.
The landscape of the Netherlands is almost everywhere flat.
Slight heights occur in the east and south of the country,
largely due during the last ice age, the Saalien from 238,000 to
128,000 years ago. Only the extreme south of the province of
Limburg shows significant differences in relief. The 323 meter
high Vaalserberg in Limburg, with the top Drielandenpunt with
Germany and Belgium, is the highest hill of (European)
Netherlands. The lowest point in the Netherlands is located near Nieuwerkerk aan den IJssel and is
6.76 meters below sea level.
18
In recent centuries, the natural world not only changed, but declined by reduction and fragmentation
of habitats and pollution in quality and quantity. Through nature policy and activities of individuals
attempting to return the tide, for example through natural development and restore more or less
original landscapes.
Netherlands has a so-called Cfb climate, a moderate climate with mild winters and cool summers.
The climate is influenced by the North Sea which moderates the temperature throughout the year,
with both daily and annual temperature increases towards the east. Although there is the last
decades an increase of the average temperature, it is not yet possible to say whether this is the
result of an enhanced greenhouse effect.
Despite the image of rainy country, it rains on average only 7% of the time.
The flora and fauna of the Netherlands are relatively well studied. This is in comparison to Turkey not
very exciting.
Human intervention, both directly and indirectly, has great influence on the current landscape, flora
and fauna. Many animal and plant species are threatened with extinction. To prevent this so-called
red lists are made which include the most endangered species. But some species adapt precisely to
the human culture, such as the blackbird.
There has been some success with "new nature" constructed, particularly in the Oostvaardersplassen
area where many species thrive. In recent years, attempts have been done to re-introduce
exterminated species from historic times, sometimes successfully, such as the raven and beaver. Of
other species such as the otter, the result remains uncertain. This also applies to a European project
for the reintroduction of salmon. The eagle settles, albeit reluctantly, on your own. Return of larger
predators such as wolves and lynx remains controversial. This includes re-introduction of flora by
seeding and restoration of natural areas through interventions such as liming.
2.7 Political
After the coup of September 1980, political parties dissolved. In the elections of 1983 new political
parties were allowed, approved by the National Security Council. Former politicians were excluded
from political activity until 1987. In practice some old political parties turned back under a new
name. This was the beginning of a new era.
Nowadays, Turkey is a parliamentary representative democracy. Turkey's constitution governs the
legal framework of the country. It sets out the main principles of government and establishes Turkey
as a unitary centralized state.
The President of the Republic is the head of state and has a largely ceremonial role. The president is
elected for a seven-year term by direct elections. Abdullah Gül was elected as president on 28 August
2007, by a popular parliament round of votes.
19
Executive power is exercised by the Prime Minister and the Council of Ministers which make up the
government, while the legislative power is vested in the unicameral parliament, the Grand National
Assembly of Turkey. The judiciary is independent of the executive and the legislature, and the
Constitutional Court is charged with ruling on the conformity of laws and decrees with the
constitution. The Council of State is the tribunal of last resort for administrative cases, and the High
Court of Appeals for all others.
Turkey’s political situation is absolutely turbulent, due in part to its proximity to some of the world’s
least stable countries. In particular, the ongoing war in neighbouring Syria impacts Turkey’s political
situation in a bad way. In the second half of 2012, violence along the Syrian-Turkish border
worsened, as Syrian fighters are increasingly active in Turkish border towns because of the war in
Syria and the fleeing inhabitants. This, in turn, forced the Erdogan government to break with its zeroproblems-with-neighbours policy. Indeed, Erdogan repeatedly said to Syria’s president Bashar alAssad stop with his ridiculous policy and continues to accommodate the thousands of inhabitants
fleeing Syria. However, despite the fact that Turkey did shoot some warning shots, it’s not the
expectation this will result in a war, as this would not be in the best interest of either country.
In addition, the war in Syria did increase the risk of a further deterioration of the ongoing conflict
between Turkey and the PKK. When the Syrian army abandoned the Kurdish areas in Syria, the
consequent vacuum has been filled by the PKK, which has reportedly started to employ the area as a
military base. This development is especially dangerous in light of the fact that after the last round of
negotiations between the government and the PKK failed in 2011, violence once again flared up. It is
hoped that renewed negotiations, will yield better results. However, despite these new negotiations,
the Turkish military did not suspend its operations against the PKK. This alone could jeopardize any
progress at the negotiation table. In addition, the outcome of the negotiations depends in large part
on the ability of the PKK’s jailed leader, Abdullah Ocalan, to rally the PKK behind a peace accord.
Given these obstacles we do not expect an agreement to come about in the short-term.
Another source of political instability could be the upcoming presidential elections in 2014. Erdogan,
Turkey’s current Prime Minister is expected to run for president, leaving the slot for Prime Minister
unfilled. The consequent power vacuum could disturb the hierarchy within the ruling party, the AKP.
However, it seems more likely that in the run-up to the elections Erdogan will start to reform the
constitution in such a way as to direct more power to the president. Of course this is not a positive
development, as it should not be possible to adjust the constitution to benefit one person.
Nonetheless, the result would be a situation that resembles the status quo. A more prominent risk is
that, in an effort to win votes, the government will stall the implementation of some important, but
unpopular reforms, including much-needed labour market reforms. Given that Turkey’s accession to
the EU appears more of a distant dream than a short-term reality, we also do not expect the
European Commission to provide the needed incentive for reform. This would mean that any
meaningful change in these areas could only be expected from 2015 onwards, which would
negatively impact Turkey’s economic progress. This would be a shame, because the economic
situation is getting one of the best of the world and is still growing fast, as mentioned in the
economic part above.
20
The Dutch politics are less turbulent than the Turkish ones, although the Netherlands don’t have a
very stable politics the last years.
The Netherlands is a constitutional monarchy and constitutional seen a parliamentary democracy.
The distribution of power in the Netherlands is not perfectly in line with the separation of powers
according to Trias Politica. The head of state since April 30, 2013 is King Willem – Alexander van
Oranje-Nassau. He is the successor of Queen Beatrix. Together with the Council of Ministers, they are
the Dutch government that has the executive power, although the influence of the monarch is rather
limited. The Chairman of the Council of Ministers, the Prime Minister, is currently Mark Rutte. The
Ministers and State Secretaries are assisting in the management of their ministries, together forming
the Cabinet.
The government is sharing the legislative power with the parliament, the States-General, which
consists of two rooms. Both chambers must approve laws and may call ministers to account. The
House of Representatives is the lower house and has 150 seats. The upper house of parliament, the
Senate, whose 75 members are elected for four years by the members of the Provincial Council who
are directly elected.
Finally, there is the judiciary, the Dutch judges are appointed for life by the king (or queen). For civil
and criminal law, the Supreme Court of the Netherlands is the highest court of administrative law;
the Council of State is the highest court.
Since 2002, the Dutch have become politically unstable. In elections are usually major shifts between
different parties. In 2002 the LPF won the election, this party was the party of Pim Fortuyn who was
assassinated just before the elections. The cabinet was then formed by LPF, CDA and VVD, which,
however fell after a few months. The cabinet in 2003 which was in the formation process by CDA en
PvdA failed while attempting to form it. After that VVD and D66 were added to this formation and
although this cabinet survived the crisis in 2005, it felled in 2006.
After the early elections of November 2006 the fourth Balkenende government of CDA, PvdA and
Christian Union was established, which was prematurely fall again after a difficult existence. Since
the withdrawal of the Labour Party on February 22, 2010 the fourth cabinet Balkenende ruled as
caretaker government with a minority ruled by CDA and Christian Union. 7
7
Source: http://www.nltr400.nl/nl/relatie-turkije-nederland/ last seen on 25-12-13
http://www.turkije-instituut.nl/detail/posts/9334 last seen on 25-12-13
21
3. The current situation of the Turkish and Dutch construction
industry
This chapter is split up in two parts. The first part is about the current situation in Turkey, the second
part is about the current situation in the Netherlands.
3.1 Current situation in Turkey
At first a general description about the Turkish construction industry is given. Then some current
data will be discussed. The third part is about Turkey’s largest construction companies. And the
fourth part is about the opportunities for Dutch construction companies in Turkey.
3.1.1 General information
Turkey ranks as the second country (following China) in terms of the number of top contracting
companies in the world construction industry. The main focus is on Istanbul, Ankara and Izmir. ‘With
the large construction industry, they contribute to the overall economic performance: creating foreign
exchange inflow, exports, employment, technology transfer; adding to the machinery stock,
facilitating internationalisation, et cetera.’ Due to rapid industrialisation and urbanisation, there is
high potential in Turkey. Thereby they are highly experienced and competitive in domestic and
international markets.
At the moment it operates mainly on four
continents.
The figure in the right shows the presence of
both infrastructure and housing projects
from Turkish companies in foreign
countries.
As you can see there is a strong presence in
the CIS and the Middle East.
Even the new presence in Sub Saharan Africa is doing very well.
- Contracting services abroad
Table 1. Turkey
8
Trade balance Turkey-Netherlands
Since 2001 the trade balance between Turkey and the Netherlands shows a still growing deficit for
Turkey. Transport and machinery equipment, consumer electronics, chemicals and agrifood products
dominate the Dutch exports to Turkey. The Turkish exports to the Netherlands are typically lower
added value products like products from more traditional sectors as for example textile products.
8
Source: Meeting Chamber of Commerce Amsterdam, November 18th. Dursun Topçu – Istanbul Chamber of Commerce (ICoC)
22
3.1.2 Recent data Turkish construction industry
Volume in US$ in 2012
Total value projects Turkish contracting companies
Real Growth Rate 2010
Real Growth Rate 2011
In % of global production
Size in % of GDP
Contribution to GDP
Employment
Turkish contracting companies between 1972-2013
225 Largest Construction Companies of the world list:
250 Largest Construction Companies of the world list:
35 Billion US$
Nearly 255 Billion US$
18.5%
11.5%
1.1% in 2012
4.9% in 2013
6% (indirectly 30%)
1.9 million people
7.182 projects in 101 countries
8 companies in 2003
38 companies in 2013
9
The construction confidence index is generally seen very well although the last few months of 2013
the confidence decreased slowly. However, the confidence rate is still high enough. As the table
shows, the decrease of the last months of every year causes also growth at the start of the following
year.
Nevertheless, between 1972 and 2013, the Turkish contracting companies finished 7,182 projects in
101 different countries which are quite a lot.
3.1.3 Major construction companies
In Turkey there are about 800 construction companies and 3810 of them are in the list of the 250
Largest Construction Companies of the world. An overview is listed in appendix 2. Compared to the
Netherlands, which only have 2 companies listed, Turkey does very well. It isn’t without reason they
are second at the world ranking list. The three cities where these companies are stated; are Ankara,
Istanbul and Izmir. The next page shows the top 10 of the internationally operating Turkish
constructing companies.
9
Source: http://www.turkstat.gov.tr/PreTablo.do?alt_id=1057 last seen on 11-12-13
Source: http://www.invest.gov.tr/en-US/infocenter/news/Pages/230813-38-turkish-firms-in-enr-top-225-contractors-list.aspx last seen
on 11-12-13
10
23
The 10 largest companies are the following11:
RANK
FIRM
2012
REVENUE
$ MIL. INTERNATIONAL
2013 2012
64
81
Renaissance Construction, Ankara, Turkey†
1,757.9
79
95
Enka Construction & Industry Co. Inc., Istanbul, Turkey†
1,242.6
85
88
Tekfen Construction and Installation Co. Inc., Istanbul, Turkey†
1,159.0
90
56
Polimeks Insaat Taahhut ve San Tic. AS, Istanbul, Turkey
981.0
94
100
ANT YAPI Industry & Trade JSC, Istanbul, Turkey†
883.9
103
106
TAV Construction, Istanbul, Turkey
724.3
111
129
Calik Enerji Sanayi Ve Ticaret Anonim Sirketi, Istanbul, Turkey
663.5
118
94
GAMA, Ankara, Turkey†
617.6
124
120
Yuksel Insaat Co. Inc., Ankara, Turkey†
549.2
127
132
Cengiz Construction Industry & Trade Co. Inc., Istanbul, Turkey†
521.4
As you can see, five out of these ten companies are even in the world top 100.
3.1.4 Opportunities for Dutch construction companies
There are several opportunities for the Dutch companies in Turkey. At first there is a huge amount of
housing projects. For 2014 the forecasting is not that positive but after they expect a brilliant future
for the construction industry.
Because it is the biggest sector in Turkey, it contains a strong human capital and entrepreneurship.
Due to this and the new possibilities to international events, for example the Izmir Expo 2020 and the
Euro cup 2020; a huge amount of housing projects has been created.
Thereby there are many infrastructure projects, like for example constructing new roads, the metro
network in large cities, national high speed train network, regional logistic centres and the Marmaray
project.
A possibility for Dutch – Turkish alliances for SME’s on global level might be the World Trade Bridge
Program on Construction Material (May-June 2014). 12 There is need for know-how and high
technology.
Another opportunity for the Dutch is to make more use of Turkey as a hub for export to other
countries. At the moment, Turkey is shifting its focus on exports towards fast growing regions in the
Middle East, North Africa (MENA) and Emerging Europe, because the share of Western Europe is
rapidly declining.
Dutch companies could team up with Turkish partners to access MENA and increase the Dutch
market share there. Actually, Turkey is the hub to MENA.13
11
Source: http://enr.construction.com/toplists/Top-International-Contractors/201-300.asp last seen on 12-12-13
Source: Meeting Chamber of Commerce Amsterdam, November 18th. Muhammet Yilmaz - TUSKON
13
Source: http://www.ingreporter.com/images/reports/turkey%20an%20economic%20pearl%20on%20the%20bosphorus.pdf last seen on
12-12-13
12
24
3.2 Current situation in the Netherlands
At first a general description about the Dutch construction industry is given. Then some current data
will be discussed. The third part is about the largest construction companies in the Netherlands. And
the fourth part is about the opportunities for Turkish construction companies in the Netherlands.
3.2.1 General information
The Dutch construction sector consists of a variety of businesses. Major business-groups are:




Contractor Companies Civil and Commercial construction (general and specialized)
Contractor Companies Soil, Water and Road Construction (general and specialized)
Installation (electrical and mechanical)
Finishing Companies (painters, plasterers, other flooring and wall finishing companies)
In total there are about 136,000 Dutch companies in the construction industry. The most well-known
Dutch companies are Royal BAM Group, Heijmans N.V. and Van Oord. About 130,000 companies are
small enterprises (up to 10 employees). The medium enterprises (10-100 employees) 5,400 and large
enterprises (more than 100 employees) 360.14
Since 1999 the importance of Corporate Social Responsibility (CSR) increased. CSR has three core
values: people, planet and profit. Any company can contribute to one or more of these values in
different ways:
People - at social level, employment, education, sports, etc.
Planet - energy conservation, waste separation, purchase of certified material (e.g. paper).
Profit - through cost savings and future CSR companies only do business with each other.
Current development of the
Dutch building production.
As the table clearly shows, the
market in Germany and Belgium
is slightly growing, but the Dutch
market is still decreasing.
The arrows give an indication of
the near future.
At this moment it is important to
be innovative, flexible and
creative. One of the solutions is
going abroad to a foreign
country.
14
Source: https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=1 last seen on 12-12-13
25
3.2.2 Recent data Dutch construction industry
The differences in the construction industry are massive. Therefor it is very important to know in
which branch(es) a company acts. In the following table the production for 2012, 2013 and the
forecast for 2014 and 2018 in building are included, divided by the different sectors.
Construction production * per sector 2012-2018, annual changes.** (%)
2012
2013
2014
2018***
- New building
-10
-8,5
3
9
- Restoration and renovation
-9
-8
-1,5
6
- New building
-9
-5
2
3,5
- Restoration and renovation
-7
-2
3,5
4
Maintenance of building
0
-1,5
-1
1,5
- New building
-9,5
-3,5
-1
2
- Restoration and renovation
-3,5
-2,5
0
1,5
External Subcontracting
-7
-5
0,5
4
Total Building
-7
-5
0,5
4
Housing
Non-residential construction
GWW (Infrastructure)
* Excluding developers, internal supplies, machinery, other investment, net exports services and trade margins;
based national accounts, amounts in 2011 prices, excluding VAT.
** Estimate
*** Average annual change in the period 2015-2018
Source: EIB, 2013
15
To discuss the table shortly, it is divided in three parts: housing, non-residential and infrastructure.
Housing
Because of the slowly increasing unemployment rate, the situation in the housing industry will
probably not improve yet. Also entering the market is for different parties a big step to take. Because
15
Source: https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=10 last seen on 13-12-13
26
of this the prices of already existing houses still feel the pressure. The Dutch ING bank predicts that in
2018 the number will be positive again.
-residential
Also this year, 2013, the slow decrease of the production is carrying on. Based on the issue of permits
there is a decrease of 5% in 2013. The new buildings are increasing and the building of schools
stabilises. The decrease of 2% of the restoration and renovation causes a new nadir.
Infrastructure
The last quarter of 2013 will not provide a good compensation for this disappointing year. Also in
2014 there might be either a small decrease or a stabilisation. But the renovation and restoration
probably stays at the same level as it is now.16
3.2.3 Major construction companies
The Netherlands count a huge amount of construction companies, but only two of them are in the
list of the 250 Largest Construction Companies of the world. The Dutch strengths are mainly in water
management, like the construction of dikes.
RANK
FIRM
2012 REVENUE
$ MIL.
INTERNATIONAL
2013
2012
19
19
Royal BAM Group NV, Bunnik, The Netherlands†
5,557.0
60
57
Van Oord, Rotterdam, The Netherlands†
1,887.0
16
Source: https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=1
27
4. SWOT-analysis of the Turkish and Dutch construction industry
In these SWOT-analyses there will be looked at the construction industry of Turkey and the
Netherlands. The strength, weaknesses, opportunities and treats will be shown in a matrix.
4.1 Turkish construction industry
Firstly there will be a slight summary of the Turkish construction industry. 17
In 2012, the volume of the construction industry was 35 billion US $. For example, the Dutch
construction industry is 5 percent of the total GDP, what results in 35 billion €.
The total value of the projects undertaken by Turkish contracting companies reached nearly 225
billion US $. The Turkish construction industry consists out of 1.9 million employees.
Real Growth Rate:

For 2002- 2007, annual average 11.5%

In 2010 & 2011 18.5% & 11.5% respectively
Between 1972 and 2013, Turkish contracting companies undertook 7,182 projects in 101 countries.
Majorly in CIS countries, Middle East and Africa
In 2003, 8 Turkish companies were listed in “Engineering News – Record” magazine 225 largest
construction companies of the world list. This rose to 33 companies in 2013 which resulted in an
increase of 412.5 percent.
The picture of the SWOT will be found in the appendix.
Strengths:
Highly experienced and competitive in domestic and international markets; because of the
experience, they create a USP which give them an advantage in the competition for the international
market.
Large source of employment; due the favourable labour market, in employers prospective, there is a
large source to find employees that suits your organisation. This means that the employees have to
distinguish themselves, which improves the quality of their work
Weaknesses:
Too much depending on need for high know-how and technology; this one speaks for itself, there too
much depending.
Opportunities:
17
Source: Keys2succes - ING
28
Huge potential due to rapid industrialisation and urbanisation in Turkey; Because of the economic
development (partly due to the rapid industrialisation) the cities are getting larger and therefore
more important. This means that there a lots of opportunities for the construction industry. Think
about all the new houses en better roads there will be need for.
Internationalisation; Due internationalisation there will be lots of opportunities to expand the
market.
Huge potential of large foreign companies who will go to Turkey; the companies will also import
knowledge, new technology and they will give the labour market a boost.
Threats:
Too much competition due large increase of FDI’s; the disadvantages of the increase of FDI’s, too
much competition for the national market.
Losing their comparative advantages because of too much FDI’s; in the extended of the previous
threat.
4.2 Dutch Construction industry
Firstly there will be a slight introduction of the expectations for 2013 and 2014, it’s a quote of the
Rabobank, written in 2012.
“According to the latest estimates by the EIB in 2013 construction output will fall back to around 50
billion Euros. This means a decrease of 4%. The largest decrease occurs in the housing market, where
according to the EIB, the decline in construction output will amount to 8.5%, while non-residential
construction is likely to fall 5 %. By cuts from local authorities and decline in new construction
projects, the civil engineering this year also weighed down by a decline and production with 3%.
The EIB provides a small recovery in 2014, with a plus of total construction output of 0.5%. Growth
will be, in accordance with this instance, mainly occur in residential and commercial construction, in
both cases, the new production. With regard to the civil production will just be below the zero line.
By the government investment will drop because of cuts. For the period 2015 - 2018 is expected an
annual improvement of 2%.”18
Strengths:
Sustainable; The Dutch always have the image of sustainable according to buildings. That has been
the USP for years.
Water management (dikes); the battle against the water is going on for ages in The Netherlands.
There are no better water managers than the Dutch. Talking about a strength, this is the largest
strength.
Weaknesses:
18
Source: https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=5
29
Very few new building; Due to the demographic and economic situation, there is a lack of new
building. This decreases the market.
Large price pressure; Because of the competition there is a large price pressure.
Opportunities and threats:
Building on large expansion locations is increasingly changing to inner-city building; Cooperation
between the construction parties, municipalities and housing associations is therefore becoming
increasingly important.
Netherlands is aging, so the demand for housing is changing. Examples are living concepts for young
affluent seniors and high quality residential care facilities for elderly seniors;
Sustainable building and energy conservation are becoming more important; sustainable building and
energy conservation are becoming higher on the wish list of governments, consumers and businesses
with a housing need.
A construction task is becoming more comprehensive; a construction task is more often not only the
realization of a building, but also of design, engineering, financing, maintenance or operation it
More focus on the renovation market by the client and builder;
Going abroad is becoming more attractive; Due to the dropping market, the chances are moving
more and more to foreign countries. Germany is on that part a great example for The Netherlands,
according to an ING report. 19 20
19
20
Source: http://www.bouwendnederland.nl/speerpunten, Last seen on: 03-01-2014
Source: https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=5, Last seen on: 30-12-2013
30
5. The trends and expectations of the construction industry in Turkey
and the Netherlands
In this chapter an overview of the trends and expectations of both the Turkish and the Dutch
construction industry will be given. Firstly the trends of the Turkish construction sector will be
described. After that the expectations of the Turkish construction sector during a period of 5 years
will be described. Secondly the construction sector of the Netherlands will be described. There will
be given an overview of the current situation of the construction sector and after that the
expectations of the Dutch construction industry in the upcoming 5 years will be described.
5.1 Trends and expectations of the Turkish construction sector
The Turkish construction industry has outperformed its neighbouring countries, despite the Euro
zone crisis. The industry recorded a compound annual growth rate (CAGR) of 10.17% during the
review period. This growth was driven by the government’s continued encouragement of foreign
direct investment (FDI) and public-private partnerships (PPPs) in the country. As a result of the focus
of the government on the development on physical and social infrastructure in the country, the
outlook for the Turkish construction industry is positive. This despite the muted outlook for the
construction industry in many countries, according to a recent report of Global Construction 2020. 21
Over the forecast period the Turkish industry is expected to record a CAGR of 9.33%.
According to the Organization for Economic Co-operation and Development (OECD), Turkey is
anticipated to be the fastest-growing economy among member countries over the forecast period.
The country’s plans to become the 10th-fastest-growing economy in the world by 2023 include
significant investments in construction. So the government recently unveiled plans to build the
world’s largest airport, in Istanbul, at a cost of US$5.6 billion. When the airport is operational in
2017, it will have an annual capacity of 90 million, twice as large as Istanbul’s current largest airport,
Ataturk.
According to the Turkish Statistical Institute (TSI), Turkey’s population increased from 73.9 million in
2011 to 74.8 million in 2012, registering an annual growth of 1.3%. This growth rate was in line with
the average growth rate of 1.3% recorded during 2002–2011. According to official estimates by TSI,
the population will reach 84.2 million by 2023 and 93.4 million by 2050.22
Infrastructure
Infrastructure construction was severely affected by the financial crisis due to a shortage of public
funds, but the market is gradually recovering from the crisis, recording real growth of 0.3% in 2011 in
terms of turnover, followed by 2% in 2012. The infrastructure construction market recorded robust
growth of 33% during the first half of 2013, with the government prioritizing infrastructure
investments. The building construction (residential, commercial, institutional and industrial
construction) markets registered a robust recovery from the crisis, posting a turnover growth of
21
22
Source: http://www.atradius.com.hk/cn/images/stories/mm_feb2012_eng.pdf, Last seen on: 08-01-2014
Source: http://www.turkstat.gov.tr/PreHaberBultenleri.do?id=13642, Last seen on: 19-12-2013
31
12.3% in 2011, before slowing marginally to 9% in 2012. Real growth in turnover in the market has
started to advance, increasing to 13.4% in the first half of 2013.
Turkey’s characteristics
Turkey exhibits favourable characteristics compared to many European countries. The country has a
favourable demographic profile, with 67.3% of the population in the 15–64 years age group in 2012.
In addition, the country does not restrict foreign ownership of housing. All these factors are
anticipated to support strong demand for residential property in the country over the forecasted
period.
Turkey’s strategic geographic location between Europe and Asia has also contributed to substantial
investments in infrastructure, as the need to improve rail and road systems remains a priority to
facilitate better connectivity with neighbouring countries
and to promote trade and business. Moreover, as the
country plans to become the world’s 10th-largest
economy by 2023, significant investments in
infrastructure are expected.23
Turkey is a highly experienced and competitive country
in domestic and international markets. Between 1971
and 2013, Turkish contracting companies undertook
7.182 projects in 101 countries.
In 2003 there were 8 Turkish construction companies
over the world. In 2013 this became 33 companies. It is
expected that this rate will increase further in the
upcoming years; this because of the increasing numbers
of top contracting companies from Turkey.
23
Source: http://www.marketresearch.com/Timetric-v3917/Construction-Turkey-Key-Trends-Opportunities-7908539/view-toc/, Last seen
on: 29-12-2013
32
5.1.2 House sales statistics
Istanbul has the highest share of house sales with a percentage of 18.4%, which is equal to 54.034
houses. The followers of Istanbul were Ankara with 34.269 (11.7) and Izmir with 17940 (6.1%) house
sales. In the third quarter of 2013 the amount of the sold houses was 293,318.
When we look at the number of dwelling units (appendix 3) there is, according to Turkstat, an
increasing amount of building permits over the period of 2002 to 2013. Unless that 2010 was the
best year according to the statistics, the figures are developing well for the upcoming years. 24
5.1.3 Turkey’s real estate sector
Turkey’s real estate sector is expected to grow at around 6% by 2013 and continue growing at
around the same rate in 2014, as long as political stability will be maintained in the coming years,
according to leading sector representatives.
“The sector appears to be closing the year at around 6% growth. The housing stock, at around 5% to
5.5% of the country’s GDP, does not pose a bubble risk in the near term. There is also no slowing
down in new licenses. When we look at the future the sector will most probably grow at around the
same rate in the next years unless some big surprises happen, specifically a weakening of the political
stability of the country,” said Head of GYODER Aziz Torun. The biggest obstacles which will prevent
the sector from growing more were the new value-added regulations on housing.
Torun noted that the biggest obstacles preventing the sector from growing more were the new
value-added regulations on housing, as well as the expected increases in housing taxes in the near
future. By the end of 2013 the sector is expected to sell around 1 million houses.
“The housing sector is growing with the help of the urban development reform and the reciprocity
law, allowing foreigners to buy real estate in Turkey. In order to keep growing, it is of great
importance not to observe any uncertainties, specifically any ruining of political stability. The sector
will be affected negatively from any incidence like the Gezi protests,” said Yeşil Housing Development
General Manager Işık Gökkaya.25
24
25
Source: http://www.turkstat.gov.tr/UstMenu.do?metod=temelist, Last seen on: 08-01-2014
Source: http://turkey-re.com/bubble-risk-turkeys-real-estate-sector-say-sector-representatives/, Last seen
on: 09-01-2014
33
5.2 Trends and expectations of the Dutch construction sector
The Dutch construction industry continues to face hard times. Despite a small recovery in the Dutch
economy, it is expected that the construction sector will show a decrease also during 2012 and
further.
The most affected subsector by the downturn was new
building (both housing and utility). This is caused by the
government’s cost-savings measures that will increase
further in the light of the ongoing euro crisis.
Moreover, several temporary fiscal problems will expire
during 2013 and are unlikely to be renewed.
The Dutch construction market recorded a Compound
Annual Growth Rate (CAGR) of -4.16% during the
period of 2008 to 2012. All construction categories
registered negative growth over this period. This is
largely a result of the economic slowdown following the
financial crisis and austerity measures implemented by the Dutch government.
Housing corporations have to cope with severe
financial demands and write-offs of their assets and
projects. A number of real estate and investment
companies are also experiencing heightened financial
measures. The number of bankruptcy in the
construction is extremely high and also the
overcapacity is reaching the top.26
26
Source: Ecowin, CBS, bewerkt door ING Economisch Bureau
34
The residential construction was the largest
construction category in the Dutch construction
industry, with a 45.1% share of the industry’s total
value in 2012. Despite this, prospects for growth in
the residential construction market remain bleak,
as depressed economic conditions are making it
difficult for Dutch households to repay housing
debt. Prospective buyers, especially those looking
to get onto the property ladder, as well as
households looking to refinance their debt, are
finding it difficult to secure mortgages. There looks
to be little improvement of this situation in the short term, as the government implements measures
to protect the banking system from the risk of large mortgage defaults.
The largest decline of all construction markets in the Netherlands is the commercial construction.
The country’s retail sector has recorded subdued levels of investment since 2008. Also the
consumers spending are cautious together with a large debt, low wage growth and a depressed
economic outlook. The retail sector, in particular the non-food retail segment, is expected to stay
depressed in the short term, as government spending cuts and an increase in VAT puts further
pressure on the domestic market. 27
Infrastructure
The Netherlands has a well-developed infrastructure, which consists of several modern seaports,
inland waterways, airports, highways and railroads, and has a dominant European logistics location.
The infrastructure construction market, however, recorded a CAGR of -2.23% in the review period.
Large budget cuts, as a part of the government’s austerity measures, affected the growth of the
market. Furthermore, budget cuts to road infrastructure construction were announced in November
2012. Over the forecast period the infrastructure construction category is expected to record a
moderate CAGR of 0.87%. 28
The Dutch construction market valued EUR73.1 billion (US$101.8 billion) in 2012. All construction
categories registered negative growth in this period. This is largely a result of the slowing down of
the economy following the financial crisis and austerity measures implemented by the government.
Residential construction was the largest construction category, with a 45.1% share of the
construction industry value. Despite this, prospects remain bleak, as depressed economic conditions
make it difficult for Dutch households to repay housing debt. Prospective buyers and households
looking to refinance their debt are it getting difficult times to secure mortgages. There looks to be
little improvement in this situation in the short term, if the government implements measures to
protect the banking system from the risk of large mortgage defaults. When we look at the
investments of the construction sector during the period of 2009 to 2012 (appendix 4) there is a clear
decrease of numbers, according to the CBS. 29 30
27 Source: www.oxfordbusinessgroup.com/country/Turkey, Last seen on: 22-12-2013
28 Source: http://www.atradius.com.hk/cn/images/stories/mm_feb2012_eng.pdf, Last seen on: 03-01-2014
29
http://statline.cbs.nl/StatWeb/publication/default.aspx?DM=SLNL&PA=81352NED&D1=0-7&D2=4851&D3=a&HDR=T&STB=G1%2cG2&VW=T, Last seen on: 02-01-2014
30
http://www.marketresearch.com/Timetric-v3917/Construction-Netherlands-Key-Trends-Opportunities-7432607/, Last seen on: 29-122013
35
6. Market entry strategies for Dutch entrepreneurs on the Turkish
construction industry
6.1 Introduction
In the following chapter you can read what kind of entry strategies there are, and what the best way
would be for Dutch entrepreneurs to penetrate the Turkish market. This chapter is meant to help to
make the choice what the entry strategy is for a company or an organization.
There are different types of entry strategies that can be used, those will be explained and the pros
and cons of these strategies will be mentioned. At last there will be an advice what the best entry
strategy would be for Turkey.
First of all it is necessary to know what there is meant by an entry strategy. In this report we use the
following definition:
A market entry strategy is a plan or a method by a company to enter a new market or sub-market, for
delivering goods or services there.
6.2 Export
Export is a function of international trade whereby goods produced in one country are shipped to
another country for future sale or trade.
One of the entry strategies to the Turkish market is to export produced goods to Turkey. Exporting
has the following main advantages for a company:


Low financial costs: when you export as the entry strategy to Turkey for your company, the
financial costs are very low in comparison to the other strategies.
Low risk: because there is less money involved then in the other strategies, the risks are also
lower. If it goes wrong you don’t lose amount of money, you would have with the other
strategies. Also it is easier to start up and there is less chance of mistakes.
Exporting also has the following main disadvantages for a company:




31
Difficulty in identifying customer needs: in comparison to the other strategies there is more
distance between you and the customer; it is more difficult to get to know what the
customer wants and needs, especially in the construction industry.
Potential problems with local distributors: it will be harder to know how to do business in a
foreign country, you don’t have local knowledge and probably don’t know how doing
business in Turkey works. There are lots of cultural differences. The problems with the local
distributors could be; how to split the profits, time horizon and logistical considerations. 31
High transport costs.
Another disadvantage is sector specific. It is hard to export in the construction industry, for
example it requires a lot of services instead of goods.
Source: http://www.slideshare.net/aleem_ab2002/modes-of-entry Modes of entry, last seen on 03-01-14
36
6.3 Joint venture
A joint venture is a business arrangement in which two or more parties agree to pool their resources
for the purpose of accomplishing a specific task. This task can be a new project or any other business
activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs
associated with it. However, the venture is its own entity, separate and apart from the participants'
other business interests.
Another strategy to enter the Turkish market is a joint venture. This has the following main
advantages:



If you do a joint venture with a Turkish company, doing business with other Turkish
companies will go a lot easier. Because of the joint venture, you have a local business partner
who knows the culture and habits of Turkish business. Because of the joint venture you gain
new capacity and expertise in and about Turkey.32 So it can be a great way to enter a new
market.
It gains access to greater resources, for example: specialized staff and technology and more
financial resources. So there will be a joint financial strength.
The risks and costs will be shared with a venture partner, so the risks won’t be taken by one
company.
The main disadvantages of a joint venture:






It takes time and effort to build the right relationship with another company. This can be
challenging.
Not knowing your partner well enough.
There can be an imbalance in levels of expertise, investment or assets brought into the
venture by different partners.
If you do a joint venture, you don’t have full control anymore and you have to share your
profits.
Different cultures and management styles can result in poor integration and cooperation.
The companies can have a different goal for the joint venture. Good communication is
essential to make the joint venture a success.33
6.4 Strategic alliance
A strategic alliance is an arrangement or agreement between two companies for cooperation, who
have decided to work together toward common objectives. A strategic alliance is less involved and
less permanent than a joint venture. In a strategic alliance, each company maintains its autonomy
while gaining a new opportunity. A strategic alliance could help a company develop a more effective
process, expand into a new market or develop an advantage over a competitor.
Strategic alliance as an entry strategy has the following main advantages:
32
Source: interview with ENKA in Istanbul on the 18th of December 2013
Source: http://www.businessbrokeralberta.com/uploads/9/5/9/4/9594203/wp8-pros_and_cons_of_jv.pdf Advantages and
disadvantages of a Joint Venture, last seen on 03-01-14
33
37




By having a local partner in Turkey, it is easier to do business there. They have the
connections and the cultural knowledge to make your company in Turkey a success. The local
credibility will be higher comparing to starting your own business in Turkey.
Low costs and low risk in comparison to starting up a business.
More competitive against other players on the Turkish market.
Local knowledge and knowhow.
Strategic alliance has also disadvantages, the main ones are the following:


Just like with a joint venture it takes a lot of time to build a good relationship with your
partner.
Good communication is very important, if the communication is not good enough, you will
fail.
6.5 Takeover
A corporate action where an acquiring company makes a bid for an acquire. If the target company is
publicly traded, the acquiring company will make an offer for the outstanding shares.
A takeover has the following advantages:



The company has already a market share and you don’t have to build it up yourself.
The company will have the status of a local company, this has the benefits of local market
knowledge, an established customer base and the government will treat you as a local firm.34
You take over a company with employees that have experience in the local market.
Disadvantages:





It is expensive to take over another company. You must have the resources to do so.
It can turn out that the company you take over, wasn’t as good as you thought.
An existing company already has its own culture and habits, it can be very difficult to change
these (if you would want this).
It may be hard to control a company that already exists, the employees could see you as an
outsider.35
Currency risk.
6.6 Starting your own business in Turkey
Starting your own business requires the greatest involvement in international business. You have to
buy the land, build the facility and operate the business on an ongoing basis in a foreign market. It is
certainly the most costly and holds the highest risk but some markets may require you to undertake
34
35
Source: http://www.tradestart.ca/market-entry-strategies Market entry strategies, last seen on 30-12-13
Source: http://www.findlaw.co.uk/law/small_business/starting_a_business/500269.html last seen on 30-12-13
38
the cost and risk due to government regulations, transportation costs, and the ability to access
technology or skilled labour.36
Advantages of starting your own business in Turkey:




You will be directly on the local market. There will be no transport costs, especially in
comparison to exporting.
You will have all the control and not need to share it with someone else.
If it goes well and you’re company is starting to take off, the profits will probably be higher
than compared to the other strategies.
In Turkey it is easy getting licenses. The government is making it easier.
Disadvantages of starting your own business in Turkey:



Very expensive, in comparison to all the other entry strategies, this is one of the most
expensive entry strategies to do. You will need the resources and finances to do so.
High risk, it takes a lot of money and time, but the outcome is still very unsure. If it fails, you
will lose a lot.
In comparison to partnering, a joint venture and a takeover, the local knowledge is very
limited. The difference in culture is very large and it is difficult to explore this all on your own.
6.7 Foreign Direct Investment (FDI)
FDI stands for Foreign Direct Investment, a component of a country's national financial accounts.
Foreign direct investment is investment of foreign assets into domestic structures, equipment, and
organizations. It does not include foreign investment into the stock markets. Foreign direct
investment is thought to be more useful to a country than investments in the equity of its companies
because equity investments are potentially "hot money" which can leave at the first sign of trouble,
whereas FDI is durable and generally useful whether things go well or badly.
Just like exporting and a joint venture, a FDI is an entry strategy. It has the following main
advantages:




36
Source of external capital and increased revenue. FDI can be a tremendous source of external
capital for a developing country, which can lead to economic development.
Reducing costs. FDI can be very successful for you to reduce your cost of production if the
labour market is cheaper and the regulations are less restrictive in the target foreign market.
In Turkey the labour market is cheaper than in the Netherlands (you could read this in the
first chapters).
Learning. This is more of an indirect advantage. FDI exposes national and local governments,
local businesses and citizens to new business practices, management techniques, economic
concepts, and technology that will help them develop local businesses and industries.
In comparison to the other entry strategies, the profits can be much higher if you penetrate
the market successfully. You don’t have to share the profits with a partner.37
Source: http://www.tradestart.ca/market-entry-strategies, last seen on 03-01-14
39

For Turkish companies it can be important to deal with local companies instead of foreign
ones. Because of the FDI, you can be that local company they are searching for.
The main disadvantages of an FDI:


There are many cultural differences between the Netherlands and Turkey. By doing an FDI
this can be a great risk. It could lead to disagreements, and ultimately a failing FDI. In
comparison with doing a joint venture, you have less local knowledge about the market.
Great risks and lots of money are involved, if you compare it to the export, starting up an FDI
is far more expensive than starting to export. If you compare it to the joint venture, by an FDI
the (financial) risks are all for the own company and not shared with a partner.38
6.8 Advice for the best entry strategy
In this chapter information can be find about different entry strategies to the Turkish market, but the
main question of this chapter is what the best way is to enter the Turkish market in field of the
construction industry.
After researching it came to the following result:
The best way to enter the Turkish market is by partnering or a joint venture. In Turkey it is important
to have knowledge about the local market and to have connections. Especially the connections are
necessary to be successful in Turkey. It is important that local companies have trust in you, so they
will do business with you.
As a foreign company you can’t come to Turkey and expect that you can do it all on your own. You
won’t succeed. By taking on a partnership with a local company, you gain the connections that you
need and the trust of your possible customers. The same advantage has the joint venture.
Also those two entry strategies are less risky and need less (financial resources) than most of the
other entry strategies.
A visit to the Chamber of Commerce in the Netherlands and an interview with a Turkish construction
company in Istanbul (ENKA), confirmed this outcome. At the meeting at the Chamber of Commerce
about doing business in Turkey, lots of Turkish business people or people with experience in the
Turkish business, made clear that local connections are essential to be successful.
At a visit on the 18th December of 2013 at ENKA, a Turkish construction company, the people we
interviewed also said the same. Hire local people if you want to be successful here and be sure that
your company can add value to the construction industry in Turkey.
37
Source: http://education-portal.com/academy/lesson/what-is-foreign-direct-investment-definition-advantagesdisadvantages.html#lesson What is an FDI? Last seen on 02-01-14
38
Source: http://www.buzzle.com/articles/advantages-and-disadvantages-of-fdi.html Advantages and disadvantages of an FDI, Last seen
on 02-01-14
40
Also MKB Nederland advises the same. You need connections, because of the network economy in
Turkey, it isn’t difficult to find a reliable partner. The unreliable parties are rapidly known because of
the network economy. MKB Nederland also gives the following advice: choose a local business
partner that is familiar with the Turkish customs, there are still some rules and laws you need to take
into account.39
So the main message of this chapter is; hire local people, no matter which entry strategy you take.
However, hiring local people and working with locals works the best with a partnership or a joint
venture.
39
Source: https://mijn.mkbservicedesk.nl/970/business-guide-turkije.htm page 24, last seen on 06-01-14
41
7. Conclusion
The main question of this report is ‘What are the opportunities in the Turkish building sector for
Dutch entrepreneurs and to what extend is HOGIAF able to help Dutch entrepreneurs to exploit these
opportunities?’
The chances in the Netherlands for the Dutch entrepreneurs are very low. The construction industry
in the Netherlands does not really grow and there are not a lot of opportunities for construction
companies. The construction industry of the Netherlands is facing hard times, which is namely
caused by governmental intervene. There could be a little improvement if the government
implements measures to protect the banking system from the risk of large mortgage defaults.
There are big opportunities for Dutch entrepreneurs in the Turkish building sector; this is because of
the growing population and economy. For this reason the construction sector in Turkey is growing,
for example the industrialization and urbanization is growing rapidly. In comparison to the
neighbouring countries, the Turkish construction has outperformed them, despite the Eurozone
crisis. The country plans to become the 10th fastest economy in the world by 2023. The expectation is
that Turkey will transcend the Netherlands. However Turkey has still a long way to go on political and
social aspects.
A good way to enter the Turkish market is by collaborating and for companies to complement each
other. The Turkish construction sector is growing, the Dutch can use this, while it is also a good thing
for Turkey. The knowledge in water management, highways and traffic flow can be complement to
the Turkish companies.
If a Dutch company wants to enter the Turkish market, the most favourable to do it would be a joint
venture or partnering up with a Turkish company (strategic alliance.) In Turkey connections are very
important, and in this way you have the necessary local knowledge and it is a better way to be
competitive. Also you gain the trust of possible Turkish customers. A local partner also makes it
easier to know which rules and laws you need to take into account.
HOGIAF could help with the last part, to be the intermediary between Dutch and Turkish companies.
This because HOGIAF already has lots of connections in Turkey and can know who reliable companies
are for a joint venture or a strategic alliance.
Furthermore the following hypotheses were tested in this report:
Hypothesis 1: The most chances and opportunities for Dutch entrepreneurs in the Turkish
construction sector are in housing. The population of Turkey is very young and still growing and there
is need for more housing.
This hypothesis can be assumed. Housing is a part of the construction industry in Turkey where
would be a lot of opportunities. This is caused by the growing population and economy. However,
there are also a lot of chances in infrastructure because of this.
42
Hypothesis 2: The most favourable way to enter the Turkish market is to do the market entry strategy
joint venture.
This hypothesis can also be assumed. Connections are important, and by starting a joint venture you
get the connections you need. However, this can also be done by partnering up with a Turkish
company (strategic alliance).
After reading this report we hope that you have a clear vision of what the opportunities are in Turkey
for Dutch entrepreneurs and what best way is to enter the market.
43
8. Sources
Interviews
th
• Meeting Chamber of Commerce Amsterdam, November 18 . Dursun Topçu – Istanbul Chamber of Commerce (ICoC)
th
• Meeting Chamber of Commerce Amsterdam, November 18 . Muhammet Yilmaz – TUSKON
th
•
Keys2succes
–
ING,
Amsterdam
November
18
2013
th
• Interview with ENKA in Istanbul on the 18 of December 2013
Reports
•
Country
Report
Turkey,
Anout
• Ecowin Report, CBS,ING Economisch Bureau
Ruhaak
–
Rabobank
Nederland,
Februari
2013
Internet
•http://www.intemarketing.nl/marketing/analyses/destep
•http://www.indexmundi.com/turkey/demographics_profile.html
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•http://www.indexmundi.com/nl/turkije/economie-profiel.html
• http://www.indexmundi.com/nl/Nederland/economie-profiel.html last seen on 21-12-13
•http://www.landenweb.net/turkije/samenleving/
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•http://webwereld.nl/carriere/57087-nederland-verliest-concurrentieslag-in-technologie last seen 23-12-13
• http://www.cbs.nl/nl-NL/menu/themas/dossiers/eu/publicaties/archief/2012/2012-3620-wm.htm Last seen on 23-12-13
•http://zakelijk.infonu.nl/zakelijk/82503-nederland-is-een-belangrijk-exportland.html
Last
seen
on
23-12-13
•http://www.rijksoverheid.nl/nieuws/2012/08/02/nederland-belangrijke-handelspartner-voor-alle-eu-landen.html
Last
seen on 24-12-13
•
http://www.nltr400.nl/nl/relatie-turkije-nederland/
last
seen
on
25-12-13
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• http://www.turkstat.gov.tr/PreTablo.do?alt_id=1057 last seen on 11-12-13
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seen on 11-12-13
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seen on 12-12-13
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• https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=1
Source: https://www.rabobankcijfersentrends.nl/index.cfm?action=branche&branche=Bouwnijverheid&p=5
• http://www.bouwendnederland.nl/speerpunten, last seen on: 03-01-2014
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•http://www.marketresearch.com/Timetric-v3917/Construction-Turkey-Key-Trends-Opportunities-7908539/view-toc/, last
seen on: 29-12-2013
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last
seen
on: 09-01-2014
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• http://www.atradius.com.hk/cn/images/stories/mm_feb2012_eng.pdf, last seen on: 03-01-2014
•http://statline.cbs.nl/StatWeb/publication/default.aspx?DM=SLNL&PA=81352NED&D1=0-7&D2=4851&D3=a&HDR=T&STB=G1%2cG2&VW=T,
Last
seen
on:
02-01-2014
•http://www.marketresearch.com/Timetric-v3917/Construction-Netherlands-Key-Trends-Opportunities-7432607/,
Last
seen
on:
29-12-2013
• http://www.slideshare.net/aleem_ab2002/modes-of-entry Modes of entry, last seen on 03-01-14
44
•http://www.businessbrokeralberta.com/uploads/9/5/9/4/9594203/wp8-pros_and_cons_of_jv.pdf
Advantages
and
disadvantages
of
a
Joint
Venture,
last
seen
on
03-01-14
•http://www.tradestart.ca/market-entry-strategies
Market
entry
strategies,
last
seen
on
30-12-13
•http://www.findlaw.co.uk/law/small_business/starting_a_business/500269.html
last
seen
on
30-12-13
•http://www.tradestart.ca/market-entry-strategies,
last
seen
on
03-01-14
•http://education-portal.com/academy/lesson/what-is-foreign-direct-investment-definition-advantagesdisadvantages.html#lesson
What
is
an
FDI?
Last
seen
on
02-01-14
•http://www.buzzle.com/articles/advantages-and-disadvantages-of-fdi.html Advantages and disadvantages of an FDI, Last
seen
on
02-01-14
•https://mijn.mkbservicedesk.nl/970/business-guide-turkije.htm page 24, last seen on 06-01-14
45
Appendix 1
Building industry / construction industry definitions:
1. Sector of national economy engaged in preparation of land and construction, alteration, and
repair of buildings, structures, and other real property.40
2. Noun - the building industry economic sector comprising all companies involved in
construction (construction)41
3. The building and construction industry is the industry of constructing, deconstructing,
reconstructing, renovating, altering, demolishing, relocating, maintaining or repairing any of
the following (a)
buildings;
(b)
spa pools and swimming pools;
(c)
roads, railways, airfields or other works for the passage of anything;
(d)
breakwaters, docks, jetties, piers or wharves;
(e)
works for solid waste disposal;
(f)
works for subdividing or developing land;
(g)
works for the improvement or alteration of a harbour, river or
watercourse for navigation purposes;
(h)
works for the storage or supply of water or for flood mitigation;
(i)
works for the irrigation of land;
(j)
works for the conveyance, treatment or disposal of sewage or of the
effluent from any premises;
(k)
works for extracting, refining, processing or treating materials or for
producing or extracting products and by-products from materials;
(l)
works for conveying products, by-products or materials;
(m) works for the drainage of land;
(n)
works for the storage of liquids, other than water, or gases;
(o)
works for the generation, supply or transmission of electric power;
(p)
works for telecommunication or for the transmission of radio or
television;
(q)
bridges, viaducts, aqueducts or tunnels;
(r)
chimney stacks, cooling towers, drilling rigs, gas holders or silos;
(s)
pipe lines;
(t)
navigational lights, beacons or markers;
(u)
pile driving works;
(v)
sporting or recreational facilities;
(w) earthworks, other than for farming;
(x)
fences, other than fences on farms;
40
41
Source: http://www.businessdictionary.com/definition/construction-industry.html#ixzz2mn9JCmhu, last seen on 13-12-13
Source: http://www.collinsdictionary.com/dictionary/english/building-industry, last seen on 13-12-13
46
(y)
structures, fixtures or other works not included in paragraphs (a) to (x),
but not including earthworks for farming or fences on farms.
(2) The building and construction industry also includes land clearing and site
preparation, other than for farming.
(3) The building and construction industry also includes the industry of, whether on or off
site (a)
constructing a thing, other than ordinary stock for sale, in accordance
with working drawings; or
(b)
deconstructing, reconstructing, renovating, altering, demolishing,
relocating, maintaining or repairing a thing, other than ordinary stock for sale, constructed in
accordance with working drawings.
(4)
The building and construction industry does not include the industry of
performing maintenance or repairs of a minor nature to anything mentioned in subsection (1)
or (3) for a person not substantially engaged in activity mentioned in subsection (1), (2) or
(3)42
Export definitions:
1. A function of international trade whereby goods produced in one country are shipped to
another country for future sale or trade. The sale of such goods adds to the producing
nation's gross output. If used for trade, exports are exchanged for other products or services.
Exports are one of the oldest forms of economic transfer, and occur on a large scale between
nations that have fewer restrictions on trade, such as tariffs or subsidies.43
2. The definition of an export is something that is shipped or brought to another country to be
sold or traded.44
Foreign Direct Investment (FDI) definitions:
1. FDI stands for Foreign Direct Investment, a component of a country's national financial
accounts. Foreign direct investment is investment of foreign assets into domestic structures,
equipment, and organizations. It does not include foreign investment into the stock markets.
Foreign direct investment is thought to be more useful to a country than investments in the
equity of its companies because equity investments are potentially "hot money" which can
leave at the first sign of trouble, whereas FDI is durable and generally useful whether things
go well or badly.45
2. An investment made by a company or entity based in one country, into a company or entity
based in another country. Foreign direct investments differ substantially from indirect
investments such as portfolio flows, wherein overseas institutions invest in equities listed on a
nation's stock exchange. Entities making direct investments typically have a significant
degree of influence and control over the company into which the investment is made. Open
42
Source: http://www.csq.org.au/about-csq/building-and-construction-industry-definitions, last seen on 06-12-13
Source: http://www.investopedia.com/terms/e/export.asp, last seen on 06-12-13
44
Source: http://www.yourdictionary.com/export, last seen on 06-12-13
45
Source: http://economics.about.com/cs/economicsglossary/g/fdi.htm, last seen on 06-12-13
43
47
economies with skilled workforces and good growth prospects tend to attract larger amounts
of foreign direct investment than closed, highly regulated economies.46
3. Foreign direct investment (FDI) is an investment in a business by an investor from another
country for which the foreign investor has control over the company purchased. The
Organization of Economic Cooperation and Development (OECD) defines control as owning
10% or more of the business. Businesses that make foreign direct investments are often called
multinational corporations (MNCs) or multinational enterprises (MNEs). A MNE may make a
direct investment by creating a new foreign enterprise, which is called a Greenfield
investment, or by the acquisition of a foreign firm, either called an acquisition or brownfield
investment.47
Housing definitions
1. Housing - haʊzɪŋ
Noun: housing; plural noun: housings
Houses and flats considered collectively.
"a housing development"
homes, houses, places of residence, buildings;
accommodation, living quarters;
synonyms:
formaldwellings, dwelling places, habitations, abodes, domiciles
"they invest in housing and other ventures48
2. hous·ing - (hou z ng) n.
1. a. Buildings or other shelters in which people live: a shortage of housing in the city.
b. A place to live; a dwelling: She came to college early to look for housing.
2. Provision of lodging or shelter: the housing of refugees; a contract that includes housing.
3. Something that covers, protects, or supports, especially:
a. A frame, bracket, or box for holding or protecting a mechanical part: a wheel housing.
b. An enclosing frame in which a shaft revolves.
4. A hole, groove, or slot in a piece of wood into which another piece is inserted.
5. A niche for a statue.
6. Nautical
a. The part of a mast that is below deck.
b. The part of a bowsprit that is inside the hull.
3. Noun
1 [mass noun] houses and flats considered collectively: [as modifier]: a housing development
the provision of accommodation: [as modifier]: a housing association
2a rigid casing that encloses and protects a piece of moving or delicate equipment.
3a recess or groove cut in one piece of wood to allow another piece to be attached to it.
46
Source: http://www.investopedia.com/terms/f/fdi.asp, last seen on 06-12-13
Source: http://education-portal.com/academy/lesson/what-is-foreign-direct-investment-definition-advantagesdisadvantages.html#lesson, last seen on 06-12-13
48
Source: www.google.nl Definition housing last seen on 06-12-13
47
48
Infrastructure definitions:
1. ˈɪnfrəstrʌktʃə - noun: infrastructure; plural noun: infrastructures
the basic physical and organizational structures and facilities (e.g. buildings, roads, power
supplies) needed for the operation of a society or enterprise.
"the social and economic infrastructure of a country"’49
2. ‘1. An underlying base or foundation especially for an organization or system.
The basic facilities, services, and installations needed for the functioning of a community or
society, such as transportation and communications systems, water and power lines, and
public institutions including schools, post offices, and prisons.’50
3. ‘The basic systems and services that are needed in order to support an economy, for example,
transport and communication systems and electricity and water supplies: Infrastructure and
economic projects will take time to complete and may not meet the population's high
expectations. The country's/nation's/city's infrastructure51
Joint venture definitions:
1. A business arrangement in which two or more parties agree to pool their resources for the
purpose of accomplishing a specific task. This task can be a new project or any other business
activity. In a joint venture (JV), each of the participants is responsible for profits, losses and
costs associated with it. However, the venture is its own entity, separate and apart from the
participants' other business interests.52
2. New firm formed to achieve specific objectives of a partnership like temporary arrangement
between two or more firms. JVs are advantageous as a risk reducing mechanism in newmarket penetration, and in pooling of resource for large projects. They, however, present
unique problems in equity ownership, operational control, and distribution of profits (or
losses). Research indicates that two out of five JV arrangements last less than four years, and
are dissolved in acrimony.53
3. A contractual agreement joining together two or more parties for the purpose of executing a
particular business undertaking. All parties agree to share in the profits and losses of the
enterprise.54
4. A Joint Venture (JV) is a cooperative enterprise entered into by two or more business entities.
Sometimes the joint venture creates a separate corporation, limited liability company, or
partnership. In other cases, the individual entities retain their individuality and they operate
under a joint venture agreement. In any case, the parties in the JV share in the management,
profits, and losses, according to a joint venture agreement (contract).55
49
Source: https://www.google.nl/#q=infrastructure+definition, last seen on 12-12-13
Source: http://www.thefreedictionary.com/infrastructure, last seen on 12-12-13
51
Source: http://dictionary.cambridge.org/dictionary/business-english/infrastructure, last seen on 11-12-13
52
Source: http://www.investopedia.com/terms/j/jointventure.asp, Joint Venture, last seen on 14-12-13
53
Source: http://www.businessdictionary.com/definition/joint-venture-JV.html, last seen on 12-12-13
54
Source: http://www.investorwords.com/2671/joint_venture.html, last seen on 12-12-13
55
Source: http://biztaxlaw.about.com/od/businessorganizationtypes/g/jointventure.htm, last seen on 13-12-13
50
49
Market entry strategy definitions:
1. A market entry strategy is the planned method of delivering goods or services to a target
market and distributing them there.56
2. The market entry strategy is the plan developed by a company to enter a new market or submarket.57
Strategic alliance definitions:
1. A strategic alliance is an agreement for cooperation among two or more independent firms to
work together toward common objectives. Unlike in a joint venture, firms in a strategic
alliance do not form a new entity to further their aims but collaborate while remaining apart
and distinct.58
2. A strategic alliance is an arrangement between two companies that have decided to share
resources to undertake a specific, mutually beneficial project. A strategic alliance is less
involved and less permanent than a joint venture, in which two companies typically pool
resources to create a separate business entity. In a strategic alliance, each company
maintains its autonomy while gaining a new opportunity. A strategic alliance could help a
company develop a more effective process, expand into a new market or develop an
advantage over a competitor, among other possibilities.59
3. A strategic alliance is an agreement between two or more individuals or entities stating that
the involved parties will act in a certain way in order to achieve a common goal. Strategic
alliances usually make sense when the parties involved have complementary strengths.60
4. A strategic alliance is any agreement where two or more companies agree to cooperate with
each other to achieve a certain, mutually beneficial goal. However, a strategic alliance is not
a merger, and the involved companies remain separate. A common strategic alliance is a joint
venture, where the involved companies partner together to conduct a certain project. Other
strategic alliances include management contracts and licensing agreements.61
Takeover definitions:
1. A corporate action where an acquiring company makes a bid for an acquire. If the target
company is publicly traded, the acquiring company will make an offer for the outstanding
shares.62
2. The act or an instance of assuming control or management of or responsibility for something,
especially the seizure of power, as in a nation, political organization, or corporation.63
56
Source: http://www.slideshare.net/vineetsansare/market-entry-strategies-16784323 Market entry strategies, last seen on 14-12-13
Source: Littler, D. and Wilson, D. (1995) Marketing Strategy, publisher: Butterworth-Heinemann, page 50
58
Source: http://www.businessdictionary.com/definition/strategic-alliance.html#ixzz2pnomOZrI, last seen on 14-12-13
59
Source: http://www.investopedia.com/terms/s/strategicalliance.asp, last seen on 14-12-13
60
Source: http://www.investorwords.com/4772/strategic_alliance.html#ixzz2pnvTFrCY, last seen on: 14-12-13
61
Source: http://financial-dictionary.thefreedictionary.com/Strategic+Alliance, last seen on 14-12-13
62
Source: http://www.investopedia.com/terms/t/takeover.asp Definition of ‘take over’, last seen on 30-12-13
63
Source: http://www.thefreedictionary.com/takeover, last seen on 13-12-13
57
50
3. Assumption of control of another (usually smaller) firm through purchase of 51 percent or
more of its voting shares or stock.64
64
Source: http://www.businessdictionary.com/definition/takeover.html#ixzz2pnziuGeA, last seen on 13-12-13
51
Appendix 2
RANK
FIRM
2012 REVENUE
$ MIL.
INTERNATIONAL
2013
2012
64
81
Renaissance Construction, Ankara, Turkey†
1,757.9
79
95
Enka Construction & Industry Co. Inc., Istanbul, Turkey†
1,242.6
85
88
Tekfen Construction and Installation Co. Inc., Istanbul, Turkey†
1,159.0
90
56
Polimeks Insaat Taahhut ve San Tic. AS, Istanbul, Turkey
981.0
94
100
ANT YAPI Industry & Trade JSC, Istanbul, Turkey†
883.9
103
106
TAV Construction, Istanbul, Turkey
724.3
111
129
Calik Enerji Sanayi Ve Ticaret Anonim Sirketi, Istanbul, Turkey
663.5
118
94
GAMA, Ankara, Turkey†
617.6
124
120
Yuksel Insaat Co. Inc., Ankara, Turkey†
549.2
127
132
Cengiz Construction Industry & Trade Co. Inc., Istanbul, Turkey†
521.4
129
168
IC Ictas Insaat Sanayi Ve Ticaret AS, Ankara, Turkey†
506.7
135
136
Onur Taahhut Ticaret Ltd. Stl., Ankara, Turkey†
475.8
145
202
Atlas Group, Ankara, Turkey†
435.9
146
142
MAPA Insaat ve Ticaret AS, Ankara, Turkey
435.0
150
148
Nata Construction Tourism Trade & Industry, Ankara, Turkey†
409.0
159
143
Yapi Merkezi Insaat ve Sanayi AS, Istanbul, Turkey†
378.5
171
160
Kayi Insaat San. ve Tic. AS, Istanbul, Turkey†
339.1
174
213
Kontek Construction, Istanbul, Turkey
310.6
176
135
Alarko Contracting Group, Gebze/Kocaeli, Turkey
296.4
180
181
Limak Insaat Sanayi ve Ticaret AS, Ankara, Turkey
280.0
182
198
Eser Contracting and Industry Co.Inc., Ankara, Turkey†
278.1
188
162
Tepe Insaat Sanayi A.S., Ankara, Turkey†
259.7
189
**
Aslan Yapi ve Ticaret AS, Ankara, Turkey†
257.1
190
173
Metag Insaat Ticaret AS, Ankara, Turkey
256.0
196
175
Rasen Insaat Ve Yatirim Ticaret AS, Istanbul, Turkey†
245.0
198
193
Summa Turizm Yatirimciligi AS, Ankara, Turkey†
243.5
200
**
Hazinedaroglu Construction Group, Istanbul, Turkey†
238.5
201
191
TACA Construction Inc., Istanbul, Turkey
238.4
203
178
Dogus Insaat ve Ticaret AS, Istanbul, Turkey†
236.5
208
154
Nurol Construction and Trading Co., Ankara, Turkey†
223.3
212
**
Dorce Prefab. Building & Constr. Indus. Trade, Ankara, Turkey†
215.1
213
179
Yenigun Construction Inc., Ankara, Turkey†
212.3
215
**
Lotus Muteahhitlik AS, Ankara, Turkey†
203.9
52
218
214
MAKYOL Constr. Indus. Tourism & Trading Inc., Istanbul, Turkey†
195.2
237
165
GAP Insaat Yatirim ve Dis Ticaret AS, Istanbul, Turkey†
146.2
240
201
STFA Construction Group, Istanbul, Turkey
139.0
242
**
Kolin Insaat Turizm Sanayi ve Ticaret AS, Ankara, Turkey
131.6
243
**
Gurbag Group, Ankara, Turkey†
131.2
65
65
Source: http://enr.construction.com/toplists/Top-International-Contractors/201-300.asp
53
Appendix 3
54
Appendix 4
Yapı İzin İstatistikleri ve Değişim
Oranları
Building Permits Statistics and
Percantage Changes
Yıl
Yea
r
Bir Önceki Yıl Aynı Döneme
Göre Değişim Oranı (%)
Bir Önceki Döneme Göre
Değişim Oranı (%)
Percantage change on the same
period of the previous year (%)
Percantage change on the
previous period (%)
I.
Dönem
II.
Dönem
III.
Dönem
IV.
Dönem
Yıllık
Toplam
I.
Dön
em
II.
Dön
em
III.
Dön
em
IV.
Dön
em
QI
Q II
Q III
Q IV
Annual
Total
QI
Q II
Q III
Q IV
Yıllık
Topl
am
Annu
al
Total
I.
Dön
em
II.
Dön
em
III.
Dön
em
IV.
Dön
em
QI
Q II
Q III
Q IV
Yapı Ruhsatı - Building Permits
Yüzölçümü (m²) - Floor Area (m²)
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
5 145
301
6 374
283
14 122
375
15 738
607
22 159
303
24 150
913
23 659
893
29 059
771
24 555
850
20 984
142
31 309
930
32 379
358
10 272
866
10 860
068
14 627
540
26 597
892
35 321
389
37 047
733
31 197
787
22 495
376
36 229
182
30 855
206
43 372
957
47 092
478
8 964
265
12 494
448
16 626
938
27 634
296
31 497
279
30 942
615
25 482
421
20 279
046
31 300
551
30 462
479
35 119
946
40 557
875
11 804
589
15 787
231
24 342
758
36 453
792
33 931
915
32 925
762
23 506
132
28 892
351
84 343
783
41 363
694
43 518
129
-
36 187
021
45 516
23,9
030
69 719
121,6
611
106 424
11,4
587
122 909
40,8
886
125 067
9,0
023
103 846
-2,0
233
100 726
22,8
544
176 429
-15,5
366
123 665
-14,5
521
153 320
49,2
962
120 029
3,4
711
-
-
-
-
-
99,7
-12,7
31,7
5,7
39,4
33,7
25,8
-46,0
70,4
15,0
26,4
34,7
33,1
54,2
53,2
-10,5
3,6
13,7
46,4
81,8
66,2
49,8
52,6
-35,3
69,0
3,9
31,9
32,8
14,0
-6,9
15,5
-39,2
59,4
-10,8
7,7
4,9
-1,8
-3,0
1,8
-28,8
53,4
-16,5
6,4
-15,8
-17,6
-28,6
-17,0
-28,1
31,9
-18,3
-7,8
-27,9
-20,4
22,9
-3,0
23,6
-22,6
-9,9
42,5
54,3 191,9
75,2
-15,0
47,5
61,1
-13,6 169,5
-14,8
-2,7
-51,0
-29,9
-75,1
47,0
-1,3
35,8
40,6
15,3
5,2
24,0
-24,3
38,5
-19,0
23,9
8,6
15,5
-
-
-25,6
45,4
-13,9
-
- 122,1
-10,2
27,2
Daire Sayısı - Number of Dwelling Unit
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
20 891
46 398
41 654
52 977
161 920
-
-
-
-
-
26 162
49 885
57 089
69 718
202 854
25,2
7,5
37,1
31,6
25,3
-50,6
90,7
14,4
22,1
330 446 125,4
42,9
47,4
66,4
62,9
-15,4
20,9
18,0
37,9
546 618
31,2
98,1
68,8
60,3
65,4
-33,3
82,5
0,6
30,9
600 387
49,4
23,5
4,1
-12,7
9,8
-37,8
50,9
-15,2
9,7
584 955
-2,8
-2,3
1,5
-6,5
-2,6
-30,8
51,7
-11,9
1,1
503 565
8,0
-13,0
-20,2
-24,9
-13,9
-20,0
22,2
-19,2
-4,9
518 475
11,7
-23,3
-9,1
40,5
3,0
18,9
-16,1
-4,2
47,0
907 451
-4,3
59,8
53,4 167,8
75,0
-19,0
40,3
-8,1 156,5
-15,5
-9,8
-5,7
-48,9
-28,4
-74,4
49,7
-3,9
38,9
32,3
32,9
8,0
0,0
15,7
-33,8
50,3
-21,9
28,6
58 981
77 382
115
627
112
394
121
403
135
571
129
674
109
559
144
984
71 307
84 145
141
229
174
468
170
511
148
346
113
802
181
883
164
041
217
968
142
065
147
959
150
219
119
822
108
967
167
128
157
640
170
269
116
013
185
942
162
333
151
831
113
994
160
135
428
766
218
900
218
936
650
140
752
157
55
201
3
160
083
239
160
191
771
-
591
014
10,4
9,7
12,6
-
-
-26,9
49,4
-19,8
-
Yapı Kullanma İzin Belgesi - Occupancy Permits
Yüzölçümü (m²) - Floor Area (m²)
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
6 533
597
6 937
313
9 076
613
9 207
310
9 591
232
12 226
168
18 279
867
29 932
962
19 379
310
20 884
693
22 563
823
28 672
968
6 443
460
6 295
594
5 047
841
10 600
772
12 908
663
15 183
585
16 966
104
23 617
756
19 624
586
27 572
108
25 217
998
29 074
715
6 626
959
6 153
416
5 936
614
12 456
707
14 186
616
14 630
649
16 973
882
17 213
129
19 904
379
26 466
933
23 765
137
34 645
239
12 072
409
11 550
358
10 967
104
18 059
811
20 520
809
21 362
810
18 737
183
23 803
882
26 373
193
30 856
484
32 375
453
-
31 676
425
30 936
681
31 028
172
50 324
600
57 207
320
63 403
212
70 957
036
94 567
729
85 281
468
105 780
218
103 922
411
92 392
922
-
-
-
-
-
-
-1,4
2,8
82,2
6,2
-2,3
-7,1
-4,3
-2,3
-42,5
-9,3
-2,3
87,7
30,8
-19,8
-3,5
-5,0
0,3
-21,4
-44,4
17,6
84,7
1,4 110,0 109,8
64,7
62,2
-16,0
15,1
17,5
45,0
4,2
21,8
13,9
13,6
13,7
-46,9
34,6
9,9
44,6
27,5
17,6
3,1
4,1
10,8
-40,4
24,2
-3,6
46,0
49,5
11,7
16,0
-12,3
11,9
-14,4
-7,2
0,0
10,4
63,7
39,2
1,4
27,0
33,3
59,8
-21,1
-27,1
38,3
-35,3
-16,9
15,6
10,8
-9,8
-18,6
1,3
1,4
32,5
7,8
40,5
33,0
17,0
24,0
-20,8
32,0
-4,0
16,6
8,0
-8,5
-10,2
4,9
-1,8
-26,9
11,8
-5,8
36,2
27,1
15,3
45,8
-
-
-11,4
1,4
19,2
-
Daire Sayısı- Number of Dwelling Unit
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
33 149
30 987
32 415
64 940
161 491
-
-
-
-
-
-
-6,5
36 759
33 909
30 814
61 426
162 908
10,9
9,4
-4,9
-5,4
0,9
-43,4
-7,8
-9,1
99,3
46 317
26 927
33 538
58 212
164 994
26,0
-20,6
8,8
-5,2
1,3
-24,6
-41,9
24,6
73,6
38 763
54 127
63 365
93 561
249 816
-16,3 101,0
88,9
60,7
51,4
-33,4
39,6
17,1
47,7
46 309
68 417
74 953
62 527
79 518
79 912
91 463
87 620
86 564
131
015
128
172
89 948
92 645
97 004
106
361
116
516
150
841
145
158
131
041
157
028
104
196
141
144
126
581
183
121
105
710
104
527
91 639
120
846
135
910
164
573
172
507
-
4,6 100,3
295 389
19,5
26,4
18,3
13,0
18,2
-50,5
47,7
9,6
41,0
326 484
35,0
16,2
6,6
-1,1
10,5
-40,9
27,2
0,5
30,8
357 286
46,3
10,2
8,3
-12,3
9,4
-12,5
-4,2
-1,2
5,9
469 981
43,2
46,3
3,9
31,9
31,5
43,0
-2,2
-29,8
34,4
429 755
-29,3
-24,3
15,8
12,5
-8,6
-23,3
4,7
7,4
30,4
14,8
49,6
35,5
21,1
29,7
-21,7
36,5
-2,8
16,6
9,5
-9,7
-10,3
4,8
-1,9
-29,2
12,5
-3,4
36,3
29,5
19,8
44,7
-
-
-12,6
4,1
16,6
-
557
236
546
645
490
990
56