Important Questions About the New Istanbul Canal Project
The New Istanbul Canal Project is one of the most significant projects long dreamed of by sultans for its great economic benefits to the country. However, no one managed to implement it for various reasons until Turkish President Recep Tayyip Erdoğan announced the start of this massive project in 2021. In this article, we are pleased to answer the most important questions about this project and its positive impact on the Turkish economy.
What is the New Istanbul Canal Project?
It is a Turkish project to build an artificial waterway on the European side of Istanbul, connecting the Black Sea in the north to the Sea of Marmara in the south, aimed at reducing the pressure on the Bosphorus Strait.
What is the Route of the Istanbul Canal?
The route of the Istanbul Canal starts from Küçükçekmece Lake, passing through Avcılar and Başakşehir, and then the largest part of the new Istanbul Canal project ends in the Arnavutköy area on the Black Sea coast.
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What are the Specifications of the New Istanbul Canal?
The waterway is 45 km long and 25 meters deep. The canal is 150 meters wide at the surface and 120 meters at the bottom, to accommodate the maximum number of marine vessels. The project will also see the construction of six bridges on both sides of the canal, large commercial centers, residential complexes, and artificial islands from the canal excavations.
How Much Does the Istanbul Canal Project Cost?
President Recep Tayyip Erdoğan announced during the groundbreaking ceremony that the cost of the canal would be 25 billion USD, with 10 billion USD allocated for building cities on both sides of the canal and 15 billion USD for the canal excavation itself.
What is the Importance of Building an Artificial Waterway in Istanbul Despite the Existence of the Bosphorus Strait?
Day by day, it becomes more dangerous for ships and marine tankers to pass through the Bosphorus Strait due to the increasing number of vessels beyond its capacity. Currently, 45,000 ships pass through the Bosphorus annually, expected to rise to 78,000 ships by 2050, while the Bosphorus’s capacity is only 25,000 ships annually. Therefore, constructing the Istanbul Canal becomes an urgent necessity to relieve the pressure on the Bosphorus Strait. President Erdoğan pointed out that the Istanbul Canal is designed to accommodate 99% of the current maritime traffic in the Bosphorus and to enhance navigational safety. Studies indicate that the Istanbul Canal will be 13 times safer than the Bosphorus in terms of navigational safety.
What are the Economic Benefits of the Istanbul Canal Project?
One of the major benefits of the Istanbul Canal project is that it is not subject to the Montreux Convention, which imposes restrictions on the type and load of ships passing through the Bosphorus. This allows Turkey to charge 5.5 USD for every ton of goods and ship loads passing through it daily. Additionally, it enhances Turkey’s position in the field of waterways, through which more than 75% of the world’s maritime trade passes. Data suggests that the new canal’s revenues will amount to 8 billion USD annually, covering the project’s costs within just two years. Moreover, the project will have a significant impact on the land prices around the canal, as the price per square meter has increased multiple times since the announcement of the project.
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What is the Importance of Real Estate Investment in Istanbul Canal Lands?
The Turkish government is working on building a new city called “Yenişehir” on both sides of the Istanbul Canal. This city is earthquake-resistant and includes large residential projects by TOKİ and Emlak Konut construction companies. Its lands continuously increase in investment value due to their proximity to a unique and massive project like the new Istanbul Canal and because most of its lands are now designated for construction after being converted from agricultural use. At the beginning of 2023, the Ministry of Environment, Urbanization, and Climate Change issued a decision to regulate several parts of the Arnavutköy area.
For outstanding investment opportunities in Istanbul lands and the new city of Yenişehir, do not hesitate to contact SEDAD Real Estate, your guide for safe real estate investment.
