But construction has stalled as Turkey’s economy has faltered. The private developers who were granted the license for this bloc of 85 landowners have halted construction over money disputes.

Urban transformation has been one of the much-vaunted achievements of President Recep Tayyip Erdogan’s 16 years in power. Whole sections of Istanbul, and many other cities, have been pulled down to be replaced with modern office buildings and homes. The redevelopment has spurred rapid economic growth in Turkey, generating employment and providing housing for Mr. Erdogan’s voter base.

Yet protests have swelled over Mr. Erdogan’s emphasis on construction and growth at any cost. The construction boom, largely built on foreign credit, has brought wealth to a whole swath of construction firms. But it has also saddled the country with heavy private-sector debt that is more difficult to pay as the Tur kish lira falls . Turkish banks have borrowed $186 billion, much of it d e nominated in American dollars. Some $77 billion will need refinancing in the next 12 months, according to Moody’s Investors Service.

Many construction projects have ground to a halt in recent months as credit evaporates amid soaring inflation and the sliding lira. In Fikirtepe, skeletons of half-finished tower blocks outnumber the glossy new apartment buildings. Cranes stand idle, and families are still living in crumbling houses awaiting demolition. Property firms are offering discounted deals to encourage sales as two million new apartments remain unsold around the country.