Turkey’s development boom, fueled by foreign debt, is grinding to a halt as credit dries up amid out-of-control inflation at a declining lira. Construction sites across the country are sitting idle and 2 million new apartments remain unsold, the New York Times reported. President Recep Tayyip Erdogan has made urban transformation a cornerstone of his 16-year administration, paving the way for entire sections of Istanbul and other cities to be torn down to make way […]
source https://therealdeal.com/2018/10/01/turkeys-developers-facing-credit-crunch-as-economy-falters/
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