Some of the real estate projects aren’t complete as thought. There are many such incomplete projects around the world.
It’s Burj Al Babas in Turkey, a collection of more than 700 unique “villas” that are all decorated with the same Gothic adornments. The Mudurnu, Turkey-based Burj Al Babas has frequently been in the news for being a posh hangout for the wealthy and affluent. However, the area is now nothing more than a “ghost town.”
Even after being marketed for years as a premium development, the bizarre town, which consists of several castles in the Disneyland style, is now deserted. Up to 732 $200 million three-story villas were planned for the location. However, the town has a desolate, almost haunting appearance today.
The Sarot Group designed the buildings, which feature balconies, large windows, and Gothic turrets.
The project’s designers hoped it would attract well-off Gulf families and tourists who would be eager to purchase the properties. The Sarot Group also planned to construct a cinema, a shopping mall, and sports facilities in the town along with elegant homes. After the homes went on sale in 2014 for between $370,000 (£275,574) and $530,000 (£394,741), everything appeared to be in order. According to reports, the real estate endeavor was off to an excellent start with half of the assets selling ahead of schedule. But by 2018, sales had drastically decreased, and before the project could be finished, the developers were eventually declared bankrupt. Up to 530 partially constructed homes are still on the property today, cared for by no one. Mehmet Emin Yerdelen, the chairman of Sarot Group, attributed the project’s failure to those who refused to make payments for the homes they had purchased.
Right now, the Sarot Group is still experiencing a serious crisis. The town has become popular with tourists who are drawn to abandoned villages even though the houses are still unfinished. Now, the last few deserted castles sprawl out in remembrance of a neighborhood that never was and probably never will be. The mansions’ interiors were never finished, and as time has gone on, the outside of the buildings also started to deteriorate.
What do you think about this bizarre real estate project?
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25. May, 2023.
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