What is the new Istanbul Canal project?
The Istanbul Canal Project, also known as “Canal Istanbul”, is an artificial waterway planned to be at sea level and runs parallel to the Bosphorus Strait, connecting the Black Sea to the Sea of Marmara. The length of the canal is expected to be around 45-50 kilometers (28-31 miles). Its width is 150 meters (492 ft), and 21 meters deep (82 ft), which allows giant ships to pass through.
What is the aim of the new Istanbul Canal project?
The main objective of the project is to reduce traffic and accident risks in the Bosphorus Strait, which is one of the busiest waterways in the world, with more than 40,000 ships passing through each year.
This will be done by diverting some of this traffic to the new canal, the Turkish government hopes to reduce the risk of accidents and environmental disasters that could result from the large volume of ship traffic passing through the narrow Bosphorus Strait, which is also a major source of drinking water for Istanbul residents.
Where is the new Istanbul Canal located?
The Istanbul Canal is planned to be on the European side of Istanbul and extends parallel to the current Bosphorus Strait, which separates the European and Asian sides of Istanbul. The exact route of the canal has not been finalized, but it is expected to start from the Black Sea near the village of Yeniköy on the northern outskirts of Istanbul and reach the Sea of Marmara in the southwest. Passing through the districts of Kucukcekmece and Basaksehir in Istanbul.
New Istanbul Canal map
The red line in the map below represents the location of the Istanbul Canal route after the completion of the project :
Benefits of the new Istanbul Canal project
The Istanbul Canal project proposal has many expected features and advantages.
Here are some potential advantages:
- Enhancing Maritime Safety: One of the main objectives of the project is to reduce congestion and improve maritime safety in the Bosphorus Strait, by diverting a large part of ship traffic to the new channel.
- Environmental Protection: The project aims to protect the ecological balance and protect the sensitive marine ecosystem of the Bosphorus Strait. By reducing the number of ships passing through the Bosphorus Strait, the possibility of environmental incidents, such as oil spills or other hazardous incidents, can be reduced.
- Economic development: Experts suggest that it promotes economic growth and development in Istanbul and Turkey as a whole. The project is expected to create many job opportunities, especially during construction. In addition, the new canal can attract increased navigation traffic, and promote trade and related industries.
- Urban planning and development: The canal project is envisioned as an opportunity for urban development and town planning in the areas surrounding the canal route is expected to drive infrastructure improvements, including the construction of new roads, bridges, residential areas and commercial areas, which may contribute to the overall development of Istanbul.
- Water management and supply: The Bosphorus Strait is an important source of freshwater for Istanbul. Diverting some ship traffic to the new canal could reduce pressure on the Bosphorus and help maintain its quality as a source of drinking water for the city’s residents.
- Strategic Importance: The canal could have strategic importance by offering an alternative sea route bypassing the Bosphorus. This would reduce reliance on a single waterway and potentially enhance Turkey’s geopolitical position as a major transit hub between Europe and Asia.
- Reducing congestion and risk in the Bosphorus: The Bosphorus is one of the busiest waterways in the world, with more than 40,000 ships passing through it every year. By diverting some of this traffic to the new channel, the risk of accidents and environmental disasters that might result from the large volume of ships passing through the narrow strait could be reduced.
- Promote international trade: The new canal will provide a shorter, faster and safer route for ships traveling between the Black Sea and the Mediterranean Sea, as well as other regions beyond. This could make Turkey a more attractive destination for international trade and commerce, which could boost the country’s economy.
- Creating new jobs and economic opportunities: The construction and operation of the canal will create new jobs and stimulate economic growth in Istanbul and the surrounding areas.
- Provide a new source of freshwater: The government suggested that the canal could provide a new source of freshwater for Istanbul and other parts of Turkey by diverting water from the Black Sea to the Sea of Marmara.
The impact of the new Istanbul Canal project on real estate and investment in Turkey
The construction of the Istanbul Canal project is expected to have a significant impact on real estate in the surrounding areas and generally in investments in Turkey. While the specific effects may vary depending on various factors, here are some possible effects:
- Real estate value: The areas near the canal path may witness an increase in real estate value as the project progresses and nears completion. This is often driven by expectations of improved infrastructure, accessibility, and potential economic development in the region.
- Development Opportunities: The construction of the canal can lead to new development projects, including residential, commercial and infrastructure developments such as new ports and other infrastructure projects. This could attract new investment and development to the area, which would lead to an increase in real estate values. This can create opportunities for real estate developers and investors to take advantage of the growing demand for real estate in the vicinity.
- Increased housing demand: The project may attract individuals and businesses looking to benefit from the improved transportation routes of the canal and the potential economic growth. This could increase the demand for housing in the surrounding areas, which could drive up prices and create opportunities for landlords.
- Infrastructure improvements: The canal project is likely to bring improvements in infrastructure, including roads, bridges and public transport networks, to support the increased activity in the area. These infrastructure projects can enhance the general desirability and value of real estate in the vicinity.
- Increase tourism facilities: The Canal Istanbul project may enhance Turkey’s tourist attractions, attracting visitors interested in watching the constructions and experiencing the new waterway. This could lead to increased investment in tourism, including hospitality, entertainment and related services.
- Investor confidence: Large-scale infrastructure projects such as Canal Istanbul can boost investor confidence in Turkey’s commitment to development and modernization. This confidence can attract both local and foreign investors who view the project as a positive indicator of the investment climate in the country.
- Economic growth: The Istanbul Canal project is expected to stimulate economic growth in Turkey. The increased commercial activity generated by the canal can attract investment in various sectors, including logistics, transportation, tourism and real estate.
Overall, the impact of the Istanbul Canal project on the real estate market is likely to be complex and multifaceted, including the project’s environmental impact, timeline, and potential benefits. We always recommend contacting VAAL Real Estate before making any decision because of their experience and knowledge of the Turkish real estate market
How to benefit from the Istanbul Canal Project?
The Istanbul Canal project represents a wonderful opportunity for investment and a remarkable achievement for the people and government of Turkey. To benefit from the Istanbul Canal project we recommend staying updated of the project’s progress, in consultation with experts and professionals in the relevant fields, before pursuing any specific opportunities. This is what we offer at VAAL Real Estate to all Those interested in investing in the Turkish market.
Below we mention ways to benefit from this mega project:
- Small business projects: The development of the canal could stimulate economic activity in the surrounding areas. Individuals can explore starting a small business catering to the canal project and its related industries. Examples include supplying construction materials, providing transportation services, providing food or accommodation options to workers, or setting up tourism-related projects.
- Employment Opportunities: As the Canal project progresses, a variety of skills and experience will be required. Individuals with relevant backgrounds in engineering, construction, project management, marine operations, tourism, hospitality and related fields may find employment opportunities directly related to the canal project.
- Entrepreneurship and Innovation: The channel project may generate opportunities for entrepreneurial individuals to develop innovative solutions or services related to the needs of the project. This could include technological applications for logistics, environmental monitoring, tourism experiences, or sustainable practices.
- Tourism and Hospitality Services: the canal is expected to become a new tourist attraction, individuals can benefit from the increasing tourist flow by offering various services. This may include operating guided tours, providing boat and yacht rentals, and setting up hospitality businesses such as hotels or guesthouses and restaurants in areas likely to attract visitors to the canal.
- Real estate investment: This is considered one of the best means available to benefit from the project in the short and long term. Individuals can consider investing in real estate located in areas expected to benefit from the development of the canal. With the progress of the project, real estate values may rise in these areas, providing opportunities for individuals to make profitable real estate investments. VAAL Real Estate provides exclusive investment opportunities. You can contact us now to learn more about our offers.
Edited by: VAAL Real Estate