But the development of 732 villas and a shopping centre — which began in 2014 — is now in limbo as Sarot Group has sought bankruptcy protection. Unfinished and empty housing projects are strewn across the country, testimony to the trouble the construction sector, and the wider economy, now finds itself in. “Three out of four companies seeking bankruptcy protection or bankruptcy are construction companies,” said Alper Duman, associate professor at Izmir University of Economics. Turkish Chamber of Civil Engineers head Cemal Gokce expressed pessimism, predicting “more bankruptcy protection applications, bankruptcies” among construction companies. “The construction sector is this country’s locomotive sector,” he said.

Source: The North Africa Journal January 09, 2019 03:33 UTC