Deep in a provincial region of northwestern Turkey, it looks like a mirage – hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle. Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
A city of castles has sprung up in Northwestern Turkey. Burj Al Babas, the 732-home and shopping center development built by the Sarot Group, cost a whopping $205 million and may not be inhabited in the foreseeable future.
In recent years, the country’s high inflation and currency crisis have negatively impacted its housing market. While investors felt secure investing in developments like Burj Al Babas only a few short years ago, the current economic climate is now given an image in the eerily empty development of Burj Al Babas.