A photo shows hundreds of houses part of the Sarot Group's Burj Al Babas project on December 15, 2018 close to the town centre of Mudurnu in the Bolu northwestern region. - The project to build 732 villas and a shopping centre -- which began in 2014 -- encountered difficulties as Sarot Group applied for bankruptcy protection. Sarot Group made the decision to apply for bankruptcy protection after some of their Gulf customers could not pay for the villas they had bought as part of the $200 million (175 million euros) project, Sarot's deputy chairman, Mezher Yerdelen, said. The villas are worth between $400,000 to 500,000 each.
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. Of the more than 732 villas, about 350 were sold to Arab investors. Many of the sales have since fallen through.