The Papas project that simulates Disney castles
Last Updated: 2023-07-27
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Abandoned castle city, Turkey
The Papas project that simulates Disney castles is one of the huge investment projects that did not see the light of day and was stopped due to many factors. Marsat Real Estate Company will discuss today the reasons for stopping the Al-Babas project, which simulates the beautiful Disney castles.
You will read in this article:
- What is the Papas project?
- Where is the project located?
- What are the reasons for stopping the project?
- Is it possible to resume the project soon?
Papas project:
A huge project carried out by Sarot Group in 2014 and it consists of 732 villas and a shopping mall. The price of the villa is 515,000 US dollars. These villas are designed in the form of Neuschwanstein Palace in Germany, a beautiful European architectural style dating back to the period between the 13th and 15th centuries.
Where is the project located:
The project was built on the outskirts of Mudurno in Bolu district, located between Ankara and Istanbul, in a valley at the foot of a mountain and surrounded by pine forests, to form a city like a Disney fairytale.
What are the reasons for stopping the project?
Although about half of the villas were sold “350 properties” at the beginning of the project, most of them to Gulf investors, but the Turkish company was forced to seek protection from bankruptcy after it faced financial setbacks, which led to a large number of clients retracting purchase deals and many defaulting on their debts, and this what made the "Papas Tower" uninhabited and unfinished. One of the reasons is also the high prices of the villa for the location, which is not considered an attractive place for investors, as the city of Mudurno is not an attractive place to live, which is another factor that made the unique project deserted and devoid of all life factors until this moment.
Is it possible to resume the project soon
The experts of Mersat Real Estate Company do not expect that the project will resume at the same prices offered. Investors can choose similar properties in feasible tourist cities at a similar price.
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