Re/Max All Stars Realty Inc.

Ghost City of Castles in Turkey

Posted Jan 30th, 2019 in Karin, Market News, Home Page

Considering a Chateau purchase? 

Approximately 200km S.E. of Istanbul in the town of Mudurnu Turkey, lies a dramatic subdivision of turrets and balconies meandering through forests and mountains. The locals dislike this new development believing the architecture not to be in keeping with their Byzantine buildings and Ottoman wood structures.

The town itself was bankrupt in 2002 when a chicken farm closed up. It was one of Turkey's largest poultry producers and fast-food chains. Many residents moved away after it closed.

Turkish developers, Sarot Group, envisioned 732 villas, a shopping centre, hotel, Turkish baths, an entertainment complex, and mosque for this area. Construction commenced in 2014. The houses were primarily created as holiday homes for wealthy Gulf tourists. So far, 350 villas have been purchased and 587 villas have been completed. Unfortunately the Sarot Group went bankrupt in late 2018 and the fate of chateau style homes is uncertain. The company is now $35 million (CDN) in debt. 

Many construction groups are presently struggling in Turkey, partly due to their weakening lira. Ever since the construction bubble collapsed,there have been ghost towns and half finished construction sites all over the country.

Turkey - Mudurnu


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