IN PICTURES: Turkey’s £150 million abandoned ghost town
ByRoss Gilmore
Hundreds of castle-like villas and houses are seen unfinished at the Burj Al Babas housing development . Construction on the luxury housing project began in 2014 and aimed to build 732 villas, a shopping mall and entertainment facilities targeted at foreign buyers. However the future of the villas is now uncertain after the developers, Sarot Property Group filed for bankruptcy after buyers and investors pulled out of the 150million euro project. The economic downturn and weakening Turkish lira have left many companies unable to pay large foreign currency debts borrowed to finance projects, resulting in many companies filing for bankruptcy and leaving projects unfinished.
Hundreds of castle-like villas and houses are seen unfinished at the Burj Al Babas housing development on May 21, 2019 in Mudurnu, Turkey. Construction on the luxury housing project began in 2014 and aimed to build 732 villas, a shopping mall and entertainment facilities targeted at foreign buyers. However the future of the villas is now uncertain after the developers, Sarot Property Group filed for bankruptcy after buyers and investors pulled out of the 150million euro project. The economic downturn and weakening Turkish lira have left many companies unable to pay large foreign currency debts borrowed to finance projects, resulting in many companies filing for bankruptcy and leaving projects unfinished.
