Build It On Debt, And They Will Come: The Repo Man Visits Turkey's Skyline

From a distance, Esenyurt, a newly built up neighbourhood on the edges of Istanbul, looks a bit like Hong Kong or Dubai, with a bustling downtown of shiny skyscrapers. Upon closer examination, however, you notice that tower after tower stands incomplete, lacking windows or furnishings; others are only half-occupied, their windows dark after nightfall.

“In the residential areas, 100% of the construction has stopped,” says Mohamed Karman, a local estate agent, from his small office in the central square of Esenyurt. “Do you know why? The materials. Everything is in dollars, you pay in dollars.”

 

 

https://www.theguardian.com/cities/2018/aug/23/how-turkeys-lira-crisis-was-written-in-istanbuls-skyline

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