The New Canal Istanbul and Important Information about It
The idea of the New Istanbul Canal project was born many centuries ago, specifically in the sixteenth century, during the rule of Sultan Suleiman the Magnificent, proposed by the renowned architect Mimar Sinan.
However, various reasons prevented the implementation of the project over the years, and this project remained an elusive dream. It wasn’t until the Turkish President “Recep Tayyip Erdoğan” reintroduced it in 2011 when he was the Prime Minister, then he officially announced the construction of this massive project and laid the foundation stone for its first bridges in June 2021.
What is the Canal Istanbul project? Why has it caused a significant buzz in Turkey and the world? And what are the anticipated economic and real estate benefits from it?
The New Canal Istanbul
It is an artificial waterway parallel to the Bosphorus Strait, located only 30km away from it on the European side of Istanbul. It has a length of 45km, a depth of 21m, and a maximum width of 275m, and at its narrowest base, the surface width will be 360m, these dimensions allow the passage of the largest ships and submarines.
As for the route of Canal Istanbul, it starts from Lake Küçükçekmece in the heart of the Sea of Marmara and extends through the districts of Başakşehir and Arnavutköy, reaching the shores of the Black Sea to the north of Istanbul.
This means that the water canal will connect the Sea of Marmara to the south with the Black Sea to the north and the Aegean Sea to the Mediterranean Sea, it will also divide the European part of Istanbul into two parts, transforming the eastern part of European Istanbul into a floating island between two continents (Asia and Europe).
Preparations that Preceded the Start of the Istanbul Canal Project
Preparing for a massive project like Canal Istanbul was by no means easy. The preparation for the project took a full 6 years (2013-2019) and included a study carried out by 56 institutions, involving more than 200 experts.
According to the data from the Ministry of Infrastructure, the study of Canal Istanbul was conducted by 7 Turkish universities, among the best in the country, where the studies covered 33 different scientific branches, examining 5 different routes for the canal, considering the nature of the land, the feasibility of the project, the financial cost, the canal’s impact on the water resources in the region, in addition to evaluating the environmental impact.
Why Canal Istanbul?
It is expected that Canal Istanbul will represent a quantum leap in international transport trade, where more than 75% of it passes through seas, despite the significant importance of the Bosphorus Strait, it suffers from severe congestion. In 2021, the number of ships passing through it exceeded 45,000 annually, while the strait’s capacity for safe passage is only 25,000 ships per year, almost double the number the Bosphorus can handle.
Therefore, we can say that one of the goals of establishing the new Canal Istanbul is to reduce traffic and shipping congestion, alleviating the pressure on the Bosphorus Strait, where the canal is expected to allow the passage of 185 ships daily, compared to the current number of ships crossing the Bosphorus, which ranges between 118-125 ships per day.
Among the important reasons that called for the necessity of the construction of the new Canal Istanbul is the difficulty of maritime navigation in the Bosphorus Strait, it is considered one of the most challenging international straits due to its narrow width in some parts and the significant increase in the number of ships passing through it, where President “Recep Tayyip Erdoğan” announced during the laying of the foundation stone for the first bridges of the canal that Canal Istanbul is designed to accommodate 99% of maritime traffic in the Bosphorus Strait.
He also stated that studies have shown that Canal Istanbul will be 13 times safer than the Bosphorus Strait in terms of navigational safety.
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The Economic Cost of the Canal Istanbul Project
The cost of the Canal Istanbul project is $25 billion, including $10 billion for the construction of a new city on both sides of the canal called “Yenişehir” which includes a conference hall, major commercial centers, and residential complexes. Additionally, $15 billion is allocated for the excavation cost of the canal.
The Economic Importance of Istanbul Canal
Through the Canal Istanbul project and other similar projects, Turkey aims to secure an advanced position among the top 10 economies in the world. Hence, the Turks refer to Canal Istanbul as the “Project of the Century” due to the economic and commercial gains it will bring to the Republic of Turkey.
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In terms of profits, the Turkish government estimated that the canal will generate $8 billion annually through fees charged from ships passing through the canal, especially the large vessels, which will contribute to covering the project costs within just two years.
The canal will also contribute to compensating Turkey for the $10 billion it lost due to the low transit fees imposed by the Montreux Convention on ships passing through the Bosphorus Strait, and for those unfamiliar with this agreement, the Montreux Convention was signed in Montreux, Switzerland, in 1936. Turkey, along with the former Soviet Union, Britain, Greece, Romania, Japan, Australia, France, Bulgaria, and Yugoslavia, officially approved the agreement.
Under the Montreux Convention, Turkey was granted control over the Bosphorus and Dardanelles straits and direct responsibility for the passage of foreign ships. The agreement allows freedom of passage and presence within the Black Sea basin for ships belonging to the countries bordering it. Additionally, it permits a three-week stay for other ships belonging to countries outside the Black Sea.
Features of the Canal Project
The importance of Canal Istanbul stems from its unique geographical location, and it has been called the “New Bosphorus” because it will provide a new route for ships, relieving the congestion in the crowded Bosphorus Strait, but while the houses and cities surrounding the Bosphorus are old houses and somewhat characterized by their randomness, a smart city called “Yenişehir” will be built on both sides of Canal Istanbul, equipped with hospitals, commercial centers, and educational institutions where experts anticipate it to become the new center of Istanbul.
Additionally, 6 bridges will be constructed along the canal corridor, connecting its two ends, and according to the plans, several important projects will be implemented around the new Canal Istanbul, boosting trade and tourism activities and creating a demand for new hotels, restaurants, and job opportunities too.
The Investment Importance of the Canal
The Canal Istanbul project had a significant and clear impact on the real estate investment movement in Istanbul, the areas through which the project passes, such as Arnavutköy, Küçükçekmece, Başakşehir, and Avcılar, witnessed widespread interest from investors and a noticeable increase in prices. As soon as the project was announced, construction companies in Turkey raced to develop large real estate projects and residential complexes near the canal. This was encouraged by the significant government interest in the area and the issuance of construction permits in large portions of the lands surrounding the canal.
Not to forget the discussion of the infrastructure projects being developed alongside the canal, which clearly contribute to raising land prices in the vicinity of Canal Istanbul.
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These include:
– A massive logistics center covering an area of 2 million square meters near the entrance of Canal Istanbul on the Black Sea coast.
– A massive technology center with an area of 2.2 million square meters in the Tayakadın region near the new Istanbul Airport, where the technology development center will be connected to the airport.
– Three artificial islands in the Sea of Marmara, will be constructed using soil extracted from the excavation of the canal.
– Establishing of government a massive center in the Baklalı region dedicated to medical tourism activities, where healthcare services will be provided at local and international levels.
– Creating numerous water and botanical parks, walking and biking paths in the green areas near tourist, commercial, and residential facilities.
– Constructing a model smart city at both ends of the canal, consisting of two sections and built according to the latest modern standards.
Read Also: A Plot of Land For Sale in Arnavutköy Within the Yenişehir Regulation
If you are seeking distinctive investments promising significant profits, experts at Sedad Real Estate Company recommend heading towards the lands of the Canal Istanbul project, which is witnessing a revolution in the real estate investment world in Turkey and attracting major investors globally.
For more information, feel free to contact the specialized team at Sedad Real Estate Company specialized in investment lands in the vicinity of Canal Istanbul and the new city Yenişehir.
