New Istanbul canal:
New Istanbul canal, the greatest project in the history of Turkey
In the past two decades, Turkey has managed to develop the economy. This came after the Turkish government developed economic plans Which helped Turkey to register its presence among the economies of the major European countries.
Turkey had become one of the most countries that attract foreign investments. Because of its strategic geographic location and it has many investment opportunities.
Some investors are interested in working in the trade sector
Others turned to the industrial sector; foreign investor prefers to invest their money in real estate market. Especially, in Istanbul properties. Where the Turkish government is constructing huge infrastructure projects in Istanbul like Istanbul’s third airport, the largest airport in the world. It is worth noting in this context that the Turkish government has developed the “Turkey 2023” plan, and among the projects planned for implementation is the Istanbul Canal Project.
What is new Istanbul Canal?
The new Istanbul Canal is an artificial waterway parallel to the Bosphorus, it is located 30 km from the Bosphorus.
It links the Sea of Marmara and the Black Sea on the European side of Istanbul, with a length of 45-50 km, a width of 150 meters, and a depth of 25 meters. It extends from Küçükçekmece Lake, west of Istanbul, and extends north to the Sazeldere Dam, then to the village of Shamlar, all the way to the Black Sea.
It is worth noting that the new Istanbul Canal will be 13 times safer than the Bosphorus in terms of sea navigation. On the other hand, the canal project includes the construction of 6 bridges that will be connected to the existing main road transport networks.
The Turkish government aims by establishing the new Istanbul Canal to ease the movement of ships through the Bosphorus Strait. Also, it seeks to mitigate the damage caused by oil tankers, as about 56,000 ships pass annually through the Bosphorus Strait, including 10,000 tankers carrying 145 million tons of crude oil.
Time plan of action:
The first practical steps of the new Istanbul Canal project began on June 26, 2021 when Turkish President Recep Tayyip Erdogan laid the foundation stone for the first bridges of the new Istanbul Canal. And construction workers poured concrete on the foundations of the 1.6-kilometre-long bridge.
The project is scheduled to be completed during 2027, according to the statement of Turkish President Erdogan.
Research in the course of the project began in 2017 and ended with the beginning of 2018.
The Ministry of Transport and Maritime Navigation has cooperated with a large number of institutions, most notably the Ministries of Environment, Forestry, Water, Food, Agriculture, Livestock, Energy and Human Resources, as well as the Istanbul Municipality and the Toki Collective Housing Administration of the Turkish Prime Ministry.
On the other hand, The Ministry of Transport used a large number of Turkish and international experts to determine the route of the canal. And The Ministry of Transport has developed the initial plan for the project, and it is scheduled to use the dust resulting from the digging of the canal to create artificial islands in the Sea of Marmara and to fill the pits in the coal mines.
It was also found during the preparation of the preliminary plan for the project that the canal will not be exposed to any negative effects due to the possibility of a seismic tidal wave.
The economic importance of the new Istanbul Canal:
The new Istanbul Canal project will play an important role in Turkey’s economic future, and it will be the project of the era at the Turkish and international levels.
Where the new Istanbul Canal will turn the Bosphorus Strait into a secondary line for maritime trade compared to the new channel, which will attract ships and giant tankers
According to studies, Canal Istanbul will give Turkey a great competitive advantage in international transport trade, more than 75% of which passes through the seas.
The value of the project is 25 billion dollars, 15 billion dollars for the construction of the new Istanbul canal and 10 billion dollars for its adjacent construction.
On the other hand, the canal project is a quantum leap in the history of Istanbul. It affects the rise in land and property prices in Istanbul in general and on property prices in the areas surrounding the canal project. The price of a square meter of land in the village of Shamlar increased from 6.5 dollars to 184 dollars, and in other areas the price of a square meter reached 800 dollars, after it was 25 dollars.
It is noteworthy that many investors looking for apartments for sale in Turkey go to buy property in Istanbul in the areas surrounding the canal in order to take advantage of the high prices after the completion of the Istanbul Canal project.
For more information about property investment in turkey and buying property in Istanbul located next to the canal project, contact us to get our offer and all information that you need to start your investing in the real estate market in Turkey.