There's a $200 million abandoned village of Disney-like castles in Turkey. Take a look inside.
The villas are located near the small town of Mudurnu in Turkey's northwestern region.
Buyers can purchase the homes for $400,000 to $500,000 each — a price tag that catered to a wealthier Middle Eastern clientele.
Source: Agence France-Presse
Of the more than 732 villas, around 350 were sold to Arab investors. Many of the sales have since fallen through.
Source: Agence France-Presse
The project's architect told the AFP that buyers were likely impacted by the decline in oil prices.
Source: Agence France-Presse
The fall of the Turkish economy is also blame.
In October 2018, Turkey's inflation rate reached 25% — the highest it's been in 15 years. This jump was largely influenced by the decline of the nation's currency, the lira.
In September, Turkey's central bank raised interest rates in an attempt to counter these issues.
As Turkey contends with an economic crisis, it has also been racked by political turmoil.
Economic analysts have criticized Turkish President Recep Tayyip Erdogan's excessive spending on infrastructure projects, which required borrowing from foreign banks.
As the value of the lira plummeted, foreign investors began to pull out of the projects, which led to a downturn in the construction industry.
As the country heads toward a recession, the Burj Al Babas' architect remains hopeful that the development will open by October 2019.
Source: Agence France-Presse
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