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What is the Latest Situation in Construction Companies that cannot Complete their Projects?

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Turkish Property Developers

Muhittin Gülal, President of the Savings Deposit Insurance Fund (TMSF), said that the construction sector was the most challenging among the sectors they have appointed trustees

SDIF President Gülal said that, Dumankaya, Inanlar and FI-Yapi are the 3 construction companies that they assigned to the management of trustees. He said that the company continues to work to eliminate the grievances of those who buy flats, but they are lagging behind due to sales difficulties in the sector which has been going through a difficult period.

inanlar terrace lotus project
Inanlar Terrace Lotus Project is one of the projects that cannot be completed

For the completion of the unfinished construction of Fi-Yapı and Dumankaya, the SDIF signed a cooperation agreement with the consortium led by the German Dress & Sommer on 21 June 2018. and in cooperation with Eurabau GmbH, CPB Project Development GmbH, Drees & Sommer and Flagman Capital, 450 million euros were allocated from abroad to complete all unfinished projects.

Dumankaya Mozaik Project
If Dumankaya Mosaic project could be completed, it would be like this

Construction works stopped again this year in Mosaic, one of Dumankaya’s closest projects to finish. SDIF President Gülal said that “Due to the difficulties in the sector and the very weak financial portfolios of the companies, our scope of action is limited. Construction companies have loan debts to banks. Hopefully they will complete. It is not possible to remove the mortgages on the apartments without paying the debts”

fiside victims
Uncompleted Fiyapi Fiside Project in Esenyurt

According to the 2018 data, approximately 3 thousand clients from Dumankaya and approximately 5 thousand from Fi Yapı faced various kinds of grievances, some of them received title deed transactions.

In a statement made by the group created by Dumankaya victims, the construction works of the residences in the Mosaic, Address, Modern Collection, HI FIT and Flex Office projects does not continue and also there is no work in Fi Yapi constructions.

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