The Turkish state is now making its way towards a huge, and world-class project, and its results have been studied and expected very carefully, as the Bosphorus Strait has become crowded in front of ships and goods, so Turkish vision worked hard to change the map of maritime and land transport in the world, and that is with the Istanbul Canal project, which will of course affect the real estate of Istanbul.
The impact of the Istanbul Canal on Istanbul city in general
Experts and analysts predict that the Istanbul Canal project will be the Century Project for Turkey, as the project is expected to generate a high rate of financial profit, which may reach 8 billion US dollars annually.
It is worth mentioning that these profits can compensate for Ankara’s loss, which occurred as a result of the reduction in the daily prices of ships crossing the Bosphorus Strait, which amounted to 10 billion US $.
The impact of the Istanbul Canal on Istanbul real estate:
Once stakeholders started drilling the Istanbul Canal in 2017, competition among Turkey’s large construction companies began, and the race to complete the largest real estate projects began near the Istanbul Canal.
Certainly, this competition has raised the prices of real estate in the areas near or adjacent to the Istanbul Canal, and this has resulted in doubling the prices of real estate in those areas.
It is worth mentioning that the increase in real estate prices in Istanbul after the Istanbul Canal project was popularized was not a single increase in all regions, as that increase varied from one region to another, for example, the prices of real estate in Kucukcekmece area, Basin Express and some other areas increased from others.
Advantages of the areas adjacent to the Istanbul Canal
Properties in these areas are characterized by a wide view, with apartments, residential units, large buildings and complexes with a stunning sea view.
The distinctive location, and the amazing unique view, all became factors that led to making those areas and the properties in them an important and distinctive tourist destination, and certainly the tourism sector is closely and directly linked to the real estate investment sector.
And mentioning the advantages of real estate in Istanbul following the Istanbul Canal, we cannot overlook the high-end public services and the many transportation, as these areas have a sophisticated rail network, sea ports on a global level, buses and taxis, and finally the amazing highway that connects the parts of European Istanbul and makes movement between it only requires minutes.
Important projects next to the Canal, which raised the prices of Istanbul real estate :
The Turkish government has endeavored to establish advanced infrastructure projects next to the Istanbul Canal, some of which are as follows:
- The giant seaport built on the Black Sea, which enhances trade in Istanbul.
- A sophisticated Logistic Center project was established next to the canal.
- A vast garden surrounds the canal.
- Many smart cities are equipped with commercial and tourist centers and educational institutions.
- Many artificial islands in the Marmara Sea.
- Safe walking and cycling lanes, as well as landscaping and tourism views
- A lot of giant real estate projects.
- Many of the residential complexes are of a luxurious and elegant level.
- Construction of 8 bridges above the canal, facilitating the movement of transport.
Returns and profits that foreign investors will enjoy because of the Istanbul Canal project:
It is certain and clear that the advantages and returns of this channel will include all the people around the world, but these revenues inevitably vary according to each category. For example, when we talk about investors from the Arab countries, we find that their tendencies have become to the area surrounding the channel in particular, and this is of course because of the doubled financial profit they will receive.
On the part of the Korean investor, it had a good benefit from the construction of the new Istanbul Canal, due to their previous projects in the Turkish state.
For Chinese investors, they were keenly interested in exploring the areas surrounding and adjacent to the Canal, certainly to find out about the investment and economic secrets in that area.
It should be mentioned that the movements, interests and delegations towards the Istanbul Canal are not limited to these countries only, but around all the world. Everyone related to the field of investment in general and real estate investment in particular, put that canal and its surroundings at the forefront of his concerns.
Variety among properties in the New Water Canal Zone:
The most important thing that distinguishes the real estate investment market in the area surrounding the new water canal in Istanbul is the diversity and variation, where the foreign investor can choose between residential apartments, luxury apartments, full houses, smart homes, and all the choices the investor wants from the choices he will find, and he can exploit that diversity in real estate investment, renting or selling.
Istanbul Canal Project Details
This project is one of the largest international projects, and the canal has been built in the European part of Istanbul, after the heavy congestion of ships across the Bosphorus reached 52 thousand ships annually, and the experts had expected this number to reach 100,000 ships annually by 2050.
What is the Istanbul Canal?
The Istanbul Canal was defined as a waterway located west of the new Istanbul Airport, in a line parallel to the Bosphorus Strait, which is only 30 km away from the Canal.
The Istanbul Canal has been drilled to connect the Black Sea from the north to the Marmara Sea from the south, with a length of about 45 kilometers and a depth of about 25 meters.
As for the width of the Istanbul Canal, it is estimated at about 275 meters and about 360 meters on the surface of some of the canal points.
Istanbul Canal site
The new water canal originates from the Marmara Sea, specifically from Kucukcekmece Lake, all the way to the western side of Istanbul, and extends north to the village of Shamlar, and from there to the Black Sea.
It is worth mentioning that this link between the Black Sea and Marmara will make it possible to link the Aegean Sea with the Mediterranean Sea automatically.
Duration of the completion of the Istanbul Canal project
The Turkish authorities were expected to start the Istanbul Canal project in 2020, but due to the pandemic of the new Corona pandemic, the Canal project was postponed to 2021.
The canal is scheduled to be occupied by the movement of vessels and cargo by 2027.
Istanbul Canal cost
The total value of the project reached 25 billion US $, 15 billion US $ was allocated for the construction of the waterway, and 10 billion US $ was allocated for infrastructure projects and real estate projects adjacent to the Istanbul Canal.
The most important areas that the Istanbul Canal will pass through
This giant project will pass through many areas, and we explain below the areas that the canal will pass through, the project passes through the Arnavutkoy area, the Kushukshkmajah area, the Basaksehir area, and the Avlajar area.
In conclusion, economists and analysts advise any investor to turn to real estate investment in Istanbul where the new Istanbul Canal is located, which has had a positive and amazing impact on Istanbul real estate.
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