587 castles of the 832 have been constructed but the company went bankrupt. There are 732 villas in the project but only 350 were sold to Arab investors.
The collapsing construction bubble has resulted in half-finished high-rises and ghost towns all over the country. Our first stop is the Burj al Babas ghost town. Situated close to the town of Mudurnu in Turkey, these homes can be bought at 400000 to 500000 each. However, the weakening Turkish lira has left many companies struggling to pay off the foreign currency debt borrowed to finance projects, stalling work and bankrupting companies. The Turkish president, Recep Tayyip Erdogan, has encouraged a construction boom during his time in office, hailing large, job-heavy infrastructure projects as the engine of the Turkish economy. “Developments without proper planning that do not contextualise the geography and history of their surroundings have exploded in Turkey since.” Weakening lira “I worry that projects like Burj al Babas opened Pandora’s box, in some respects,” he said. Since Burj al Babas got the go-ahead, the Turkish government has introduced new building regulations designed to preserve local character and heritage: in several places, housing developments must now be low-rise and fit in with existing neighbourhoods.īut it may be too late to undo some of the damage, said Yasar Adnan Adanali, an Istanbul-based urban development researcher.Ī row of houses at Burj al Babas: the properties were retailing for about €436,000. The construction project has long been hated by Mudurnu locals, who say it is not in keeping with the area’s traditional architecture, characterised by Byzantine buildings, traditional Ottoman wooden houses and a 600-year-old mosque.
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