The Turkish Statistical Institute (TurkStat) reported a significant decrease in construction permits issued in the fourth quarter of 2024. 

The total floor area of buildings granted permits fell by 16.5% compared to the same period in the previous year.  The number of buildings and dwelling units also saw declines of 16.7% and 17.4%, respectively.

Of the 52.4 million m² of total floor area permitted, 54.2% (28.4 million m²) was designated for residential use, 12.1 million m² for non-residential buildings, and 11.9 million m² for common use areas.  Two-or-more dwelling residential buildings accounted for the largest share of permitted floor area at 69.9% (36.6 million m²), followed by industrial buildings and warehouses at 4 million m².

Conversely, occupancy permits issued in Q4 2024 saw an increase.  The total floor area of buildings granted occupancy permits rose by 13.3% year-on-year, with the number of buildings up 10.5% and dwelling units increasing by 16.9%.

Of the 42.4 million m² of total floor area for which occupancy permits were issued, 55.5% (23.5 million m²) was residential, 9.6 million m² was non-residential, and 9.2 million m² was for common use.  Similar to construction permits, two-or-more dwelling residential buildings held the largest share of occupied floor area at 71.3% (30.2 million m²), followed by industrial buildings and warehouses at 2.9 million m².  The data reveals a contrasting trend between construction permits, which declined, and occupancy permits, which increased in the fourth quarter of 2024. (ILKHA)