luxury houses for sale in Istanbul

[داماس ترك]

luxury houses for sale in Istanbul

The company has done geological surveys and already drilled and capped the hot water 200 meters underground. The temperature is 68 degrees Celsius, or 154 degrees Fahrenheit, and the water is plentiful enough to supply and heat the entire complex, he said.

Aiming for the Arab market, the partners named the development the Burj al-Babas Thermal Tourism Company and began marketing the houses for sale in turkey through their real estate agency in Kuwait. They broke ground in 2014 and built quickly, with 2,500 workers, aiming to complete the project in just four years.

Buyers snapped up more than 350 of the houses, which are priced between $370,000 and $500,000, depending on ********, Mezher Yerdelen said. By last year, half the buildings were underway.

Then world events intervened. And the Yerdelen brothers, like many other developers, began to feel the fallout.

“Our sales dried up,” Mezher Yerdelen said. Some customers canceled their agreements, some stopped their payments. The company applied for bankruptcy but on appeal won the right to continue trading so they can complete the contracted houses.

Mezher Yerdelen remains optimistic that the real estate market in Turkey will bounce back in 2019.

According to figures published by the Association of Real Estate Investment Companies in Turkey , foreign buyers prefer invest in Turkey have been returning since 2018. Roughly a third are from Arab Gulf countries.