What was going on? fairy tale in Turkey For investors it has become a failure of buildings. Queues of mansions in lines, which is likely to be inspired by the castles in France or Disney, they are empty due to economic marasmus.
This progressive project is suffering The worst outcomes for collapse of the construction sector in Turkey, once it is important for the nation's economy, apart from regional, long-standing disputes; the decline of the country's economy.
After a long time, the Turkish economy was contracted with 1.1% between the second and third quarter of 2018, that is why many of the economists are scared now decline.
An Litter fell from Turkey in August, in terms of diplomatic struggle with the United States, and the inflation that has been reached to an unprecedented degree to date. Turkey lost 28% of its worth against the dollar in 2018, and markets are still unbelievable about the Ankara strategy to control the problems of the economy (public spending rises, VAT decrease ) …).
In the Mudurnu suburbs, located in the Bolu Mountain continent, there are Wars of houses with white habitats and pointed towers which is considered to be the construction of European architecture. These are part of an ambitious project launched in 2014 by Sarot, a group that builds the real estate department in Turkey, Participating in a number of important projects in this sector.
The complex one "Burj to Babas" I thought it would be up 732 large views and shopping center.
However, he has suffered financial problems to the extent that Sarot, as hundreds of other Turkish companies, has been nominated bristle. Acted under the State government, she was allowed to repay payment to her credit and restructuring her debts.
Each town has sold 351 houses with a value of between 400,000 and 500,000 dollars, but investors can not make additional costs. AFP
However, the Sarot group would be injured when the clients were unable to pay the loans for the houses they bought, the former president said. group, Mezher Yerdelen, AFP.
Sarot was sold 351 houses with a value of between 400,000 and 500,000 dollars each one, especially for museum investors in Gulf. However, some of these jobs were suspended when they were 80% were already built, due to a fall in oil prices and negative consequences of changes in construction prices in Turkey.
The case is currently in the hands of justice.
Some of the "castles" sales activities have been canceled when 80% were already built. / AFP
Sarot is not far from being a remote issue in Turkey. Building on one of the most economically evolved engines since President Recep Tayyip Erdogan came to power in 2003, but the department left 5.3% over one year in the third quarter of 2018, and it's gathering problems.
"Every four companies that belong to bankruptcy are three, and related to the construction sector"said Alper Duman, professor of Faculty of Economics at Izmir University.
"It's said to be a building or land-holding bubble, the fact is that there is a ticket in Turkey," he said. In 16 years, 10.5 million chambers were built, but only about 8 million.
Burj Al Babas Project, converted into a ghost town. AFP
The Minister of Trade, Ruhsar Pekcan, said in mid-December that 846 were submitted for bankruptcy since March 2018, but the challenging newspaper Sözcü announced in October that he would be around 3,000.
However, there are some long-term prospects, as things formerly have been the previous executive of the Reidin Data and Analytics research group, Kerim Alain Bertrand.
"The country's landbuilding is," he emphasized the end of 2018. "Although limited, we expect consolidation in this sector," especially because it is " kept alive "by the young people in a country with strong population growth.
The Burj Al Babas, near the town of Mudurnu, in Turkey. / AFP