I admit, it never would have occurred to me that this housing development in Turkey was not destined for success:
Nestled into the beautiful rolling hills of central Turkey, there’s a housing development of apocalyptic proportions. Rows of identical faux chateaux sit empty at the Burj Al Babas complex after its developer, Sarot Group, recently filed for bankruptcy.
When construction started in 2014, the Burj Al Babas was supposed to be a luxury residential retreat for wealthy investors from the Middle East. The $200 million complex called for 732 identical homes in the style of the French chateaux, each with an ornate facade, Juliet balconies, and a round turret fit for a princess. The interiors could be customized to the buyer’s desires.
The cookie-cutter mini-castles were going for anywhere from $370,000 and $530,000, and according to Bloomberg, plenty of people were already buying them. Just not enough, apparently. By the time the developer filed for bankruptcy, they had completed 587 homes and were $27 million in debt.
At first glance, I assumed it was in China.
As usual in geopolitics, there is more going on behind the scenes than some of the more breathless news reports would suggest:
The Russian forces currently in Syria will take action to restrain Hezbollah and Iranian activity there, according to understandings reached by Israel, the United States, Jordan and Saudi Arabia with Russian President Vladimir Putin, a Jordanian official confirmed to Israel Hayom.
The understandings are the product of behind-the-scenes diplomatic talks that were underway prior to U.S. President Donald Trump’s decision this week to withdraw American forces from Syria.
According to the terms of the understanding, Russia will continue to give Israel the freedom to strike Hezbollah and Iranian targets and weaponry that threaten the “balance of power” in Syria. According to the Jordanian official, it was these understandings between Trump and Putin that paved the way for the U.S. decision to pull its forces from Syria.
Other high-ranking Jordanian officials have confirmed that Jordan, Israel and Saudi Arabia are working together to contain the threat posed by Iran and Hezbollah’s presence in Syria. Several of them emphasized that U.S. officials had made it clear that U.S. intelligence agencies would increase cooperation with Israel, Jordan and Saudi Arabia, particularly on sharing intelligence, in a joint attempt to counter Iran’s attempt to create a contiguous Shi’ite corridor from Tehran to Beirut.
It looks like the Middle East is increasingly going to have to sort itself out, with a little help from nearby Russia. The consequences are hard to predict, but the US withdrawal from Syria almost certainly reduces the risk of conflict between the US and Russia, as well as between the US and its NATO ally Turkey, which threatened earlier this month to launch an offensive against the US-backed Kurdish forces in Syria.