4 ms·

Is the project more of a private residence or something that would bring tourism to the local economy?

• ddorian43 4mo ago
  There are 2 projects here. And there is a lot of missing details from both. But what has happened before is that: The government gives free/cheap/exclusive public land to someone to build apartments/villas. They sell these to whoever wants to buy before starting construction. At the end of construction, with the profits, they build nice hotels at the frontline and keep for themselves without investing any of their own money in anything. So they will most likely build apartments in Narta, sell them to the populace, and keep Sazan for themselves as luxury resort. Something worse than this has started happening for high rises too, where they start selling before getting the permit even. So they don't invest their own money even to get the initial permit to start building.
  • foobarian 4mo ago
    So... it's like a kickstarter for real estate!
    • ddorian43 4mo ago
      It's worse. Most/All of the development is done by subcontractors who also get apartments/villas instead of plain cash for their work. So you will do plumbing on 10 villas and for your work get 20% cash + 1 apartment that you have to sell it yourself. This for all subcontractors except steel.
  • hedora 4mo ago
    In NYC, Trump did something similar. He built condos, then sold them way above market to Russian oligarchs, who then immediately resold them at market value to people that were not laundering money. Same grift, different marks.