Istanbul Canal project is The age project is what many have called this project due to its implementation strategy. and its place of real estate, cultural and historical importance. Which is expected to be completed in 2023.
Reasons for establishing the new Istanbul Canal.
The truth is that there are many reasons, among which we mention “that it is a project to protect the Bosphorus from extremely dangerous disasters,”. as the current President Recep Tayyip Erdogan said. About 42,000 commercial ships pass through the strait annually and ships carrying chemical and nuclear materials pass., which poses a danger to the environment. The Turkish government is also seeking to pay the damages that may result from a collision of ships. resulting in fires that may last for months in the Bosphorus, as well as pollution caused by the oil spilling from them.
The importance of establishing the new Istanbul Canal.
The project connects the Black Sea and the Sea of Marmara and is considered by the pioneers of Turkish politics as more important in the future than the Suez Canal., and the Panama Canal, Istanbul Canal . On the other hand, the project is not just a water corridor. but it will also reduce the population density that the city suffers from .. as cities will be built on The two parts of the canal have an area of 453 million square meters.
-The cost of the project.
The cost of the new Istanbul Canal project is estimated at 85 billion Turkish liras, equivalent to 15 billion US dollars.
Real estate investment in the lands of the new Istanbul Canal project
Its location, which separates two continents, Europe and Asia. and the potentials expected to be established in addition to the airport, metro and other desired places of the population . This is what attracts the demand of more investors and real estate developers . and the desire of international buyers to invest in the European side of the city . Accordingly The value of real estate and land in these areas has been increased.
Work start and when is the project expected to be completed:
The first phase of the new Istanbul Canal project started in April 2013., and included the start of construction of bridges and highways, and the project is expected to be completed in 2023.