The political gain of the construction boom | Mustafa Sönmez
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It could be said that, in the climb of the ruling Justice and Development Party’s (AKP) regime beginning in 2003, in the rise of its voting base from 30 percent to 50 percent, that it was the rapid growth of Turkey’s capitalism experienced in the 2000s which has been the most effective contributor; moreover, it has played the most significant role.
The political Islam that did not reach a 20 percent share of the total votes in the 1970s, 1980s and 1990s was in power after the Nov. 3, 2002, elections with 34 percent of the votes. It increased its votes in subsequent elections and became the first party; in its building of an Islamic regime, economic growth and its economic platform have played the most important role.
This growth was made possible by foreign capital inflow that reached $40 billion annually. This foreign resource was mostly used in the domestic market. In this domestic market-oriented growth, it was construction, especially mass housing, that led the sector.
As of 2014, the AKP regime clung on to this line, insisting on it because they prioritized their political targets more than anything else. It was a preference at the cost of leaving a huge foreign debt of $400 billion (half of the national income) and a series of fragilities and structural malfunctions.
The political gain of focusing on construction is maybe more than its economic gain.