What would it be Turkish fairy tale It has become a real estate failure for investors. Hundreds row mansions, seemingly inspired French castles or DisneyThey are Empty due to economic marasmus.
An ambitious project is suffering The worst consequences of the collapse of the construction sector In Turkey, once the country's economy is key, as well as regional conflicts, slowing down the country's economy.
After a long period of growth, the Turkish economy contracted 1.1% between the second and third quarters of 2018. That is why today many economists are afraid of it recession.
du Turkish Lira fell in August, With diplomatic tensions in the United States, and inflation reached unknown levels. 28% of Turkish currency lost 28% of its dollar for the 2018 dollar, and markets are still skeptical of the strategy for controlling the basic problems of Ankara's economy (increasing public expense, reducing VAT …).
In Mudurnu neighborhoods, it is located in the western part of Bolu province Hundreds of terraces with white terraces and tough towers It is believed to be European corruption. In 2014, Sarot, a team that builds the Turkish real estate sector, is participating in important projects in this project.
Complex "Burj al Babas" I expected it 732 large villas and a shopping center.
But Sarot, like hundreds of Turkish companies, has suffered economic debt failure. He underwent a state tutorship, allowing his creditors to cancel their payments and restructure their debt.
Each villa sold 351 homes between $ 400,000 and $ 500,000, but investors can not afford it. / AFP
However, the Sarot team would be bored because they were unable to pay homeowners' loans for purchased homes, the vice president of Mezher Yerdelen told AFP.
Sarot was sold 351 homes, between 400,000 and 500,000 dollars Each one, especially for Gulf investors. But when certain operations were canceled 80% was already built, due to the downturn in oil prices and the negative impact of price fluctuations in Turkish construction.
The matter is in the hands of justice.
The "Castles" sales were canceled after 80% of the operation / AFP
Sarot is far from isolated case in Turkey. Construction was an engine of economic growth, in 2003, President Recep Tayyip Erdogan won power in 2003, but the sector fell by 5.3% in the third quarter of the year in a year, accumulating difficulties.
"Four bank construction companies are part of the construction sector"said Alper Duman, associate professor of the Faculty of Economics at the University of Izmir.
"It's called a building or real estate bubble, it's true that it's a bubble in Turkey," he added. At the age of 16, 10.5 million apartments were built, but only 8 million were occupied.
The Burj Al Babas project became a ghost town. AFP
Ruhsar Pekcan, Minister of Commerce, declared in mid-December 846, since March 2018 failed, but Sözcü opposed the news in October about 3,000.
However, some are long-term optimists, for example, executive director of Reidin Data and Analytics, Kerim Alain Bertrand.
"Construction is a country locomotive", he emphasized at the end of 2018. "Although limited, we expect the consolidation of the sector", especially because it has "kept" the strong population growth of the young population.
Burj Al Babas complex, next to the city of Mudurnu, in Turkey. / AFP