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Turkey Real Estate Market

Developer builds hundreds of French chateaus in rural Turkey, bankruptcy ensues Sarot Group saddled with $27M in debt

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j Al Babas (Credit: Sarot Group via Facebook, iStock)

Who would have thought that building 732 miniature Renaissance-style chateaus in the Turkish countryside c上海贵族宝贝交流区

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ould go wrong?

Developer Sarot Group was placed under court-ordered bankruptcy over the Burj Al Babas project Turkey’s Bolu province, Bloomberg reported. According to the Turkish newspaper Hurriyet, 587 homes are already comp上海龙凤论坛

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leted, and 350 were sold to buyers from Saudi Arabia, the United Arab Emirates, Qatar, Kuwait and Bahrain.

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he project, which the developers claims is valued at $200 million, includes swimming pools, Turkish baths, a shopping center and a mosque.

Sarot’s chair Mehmet Yerdelen pointed the finger at buyers who failed to pay up. “We couldn’t get about 7.5 million dollars receivables for the villas we have sold to Gulf countries,” he told Hu爱上海同城手机版

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rriyet. “We applied for bankruptcy protection but the court ruled for bankruptcy. We will appeal the ruling.” The project is $27 million in debt. [Bloomberg] Konrad Putzier

Tags: bankruptcy, Residential Real Estate
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