[Music] who wouldn't want to own a castle and here there are plenty to choose from over 700 in total it's a place straight out of a fairy tale but it's turned into a nightmare for developer misery Adeline because no one wants to live here he dreamed up the idea of building these chateau style villas some 200 kilometers east of the Turkish capital Istanbul we're here in the turret that every villa has from your owners can enjoy the view of the natural landscape they also have a nice overview of the estate we have our Arab friends in mind as buyers and we've seen how they've been keen to invest money in our country in recent years but yeah Dylan's dreams haven't come true because the Arabs have stayed away 200 million u.s. dollars had been sunk into the project before the developer filed for bankruptcy last year it's just one of many real estate projects that have gone bust in Turkey but yeah Dylan isn't giving up he's counting on help from above turkish president richard taya Parowan has assured us that after the local elections on march 31st or by next year at the latest the economy will recover and the real estate sector in particular will experience an upswing pagina that we believe it is generous but others have little faith that turkeys housing market will recover on the contrary the building boom which had been fueled by low interest rates and cheap credit has come to an end experts say developers lost all sense of proportion and built far more homes than needed now in times of high inflation and a weak Turkish lira the industry is suffering compared to the previous year new home sales have collapsed the number of mortgages issued has fallen by close to 80 percent that's led to massive layoffs in the construction industry one in every six people there has lost his job some 2 million people are employed in this sector you can imagine the seriousness of a situation the borscht ababbas housing development was also supposed to create lots of jobs but in neighboring mood ulu people had long viewed the chateaux project skeptically the town is known for its traditional timber houses not concrete chateaus local historian Mamie Jung toke lives in a 200 year old timber house that he is lovingly restored he's proud of Madonna's artisanal traditions in this house not even the nails come from a factory a blacksmith made them with hammer and anvil so it angers him that a Disneyland style housing development for foreigners has been built just a few kilometers away the people of module new view it as a threat to their centuries-old traditions and values there's still a sense of community here we help and support one another how can we pass on our traditions and values to the next generation when thousands of people whose only connection to this place is a real estate investment settle here yet it's likely no one will ever move in here borscht ababbas looks set to become a ghost town to keep that from happening misery Evelyn is selling these chateaus for just three hundred and fifty thousand euros apiece he still hopes to attract buyers who want to feel like the
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With less money in their pockets, Turkish voters may punish the government of Recep Tayyip Erdogan in upcoming municipal elections. And the construction boom is weakening. Many developers can't sell their properties, which have become ghost towns.
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