How Motivated Are Construction Companies for Urban Transformation Projects?

While construction costs have been increasing continuously for approximately the last two years, there has been a very strong decline in housing sales demand.
Housing sales prices continue to decline in dollar terms.
Difficulties in accessing credit, people's confidence levels in the economy, attractive deposit interest rates, and tenant property ownership problems have seriously pulled people back in purchasing housing.
In this environment, construction companies are approaching urban transformation projects very cautiously.
There is a general expectation of a similar increase throughout Beşiktaş, both by building owners and construction companies.
Owners want to protect their existing square meters, and construction companies are showing interest in places with attractive conditions because they have difficulty in seeing the future.
It seems that urban transformation will progress slowly throughout Beşiktaş without an increase in precedent or activity in the real estate market.