Turkish housewives enjoy profit from construction cranes

Turkish housewives enjoy profit from construction cranes

Turkish housewives enjoy profit from construction cranes

DHA Photo

There has been a boom in the supply of cranes in Turkey with the rise in the construction sector. Housewives even buy and rent this equipment as an investment, according to sector representatives.

Cranes are used in almost every construction site and lure many Turkish people to make investments, from housewives to singers, they said, adding even Turkey’s beloved transgender singer Bülent Ersoy has 22 cranes.

“We are seeing a huge rise in the demand for cranes in Turkey, specifically in the city of Istanbul, as the construction sector is rapidly growing. Builders want to use this equipment to save money and time,” said Betül Bıyık, general manager of Istanbul-based ADV Kule Vinç.

“Over 400 cranes are now being sold in the sector, and over 1,000 rented, although few cranes were used in Turkey just 10 years ago,” Bıyık said.

An investor could buy a crane for 100,000 euros and then rent it immediately for over 3,000 euros, making the ownership of a crane very attractive for Turkish people, even housewives.

“The return of investment is between 36 and 48 months, which is really good. We have started to see many new investor types in the sector due to high profitability rates. We now see housewives and singers who acquire cranes to rent to the construction sector,” said another sector representative.