The new Istanbul Canal project began in 2011, through the announcement by the former Prime Minister and current President of the country, Recep Tayyip Erdogan.
The new Istanbul Canal and its importance in the investment sector in Turkey
The beginning of new Istanbul Canal project began in 2011, through the announcement by the former Prime Minister and current President of the country, Recep Tayyip Erdogan, about the canal project
. Still, some rejected it because they were concerned about the ecosystem in Istanbul, and the Turkish government went forward to implement this. The project was presented again through Turkey's vision for 2023 and 2053.
The announcement gave a complete picture of the number of benefits accruing to the state in terms of the economic and commercial gains that the canal would achieve
Due to its prominent strategic location and this helps to provide more international ship movement in the Black Sea, which also means that a large number of commercial and tourism projects will be available across the channel.
The new Istanbul Canal project is located in the western part of Istanbul, linking the Sea of Marmara and the Black Sea, with a length of 45 km, a width ranging from 400 to 1000 meters, and a depth of up to 25 m, with the construction of 6 bridges to connect it by land
with the outskirts of Istanbul, the European side. The canal is expected to provide passage for 160 ships or tankers annually.
This means that the canal with these specifications will form a waterway parallel to the famous Bosphorus Strait, which means that the city of Istanbul will turn into a world trade center
due to providing passage through the Sea of Marmara, the center of Eurasia, which contains a large number of ports, railways, and industrial areas
The new canal will also relieve pressure on the Bosphorus Strait, considered one of the busiest straits in the world, with more than 53,000 ships transiting in 2019.
The value of the Istanbul Canal project may reach 25 billion US dollars, including 10 billion dollars for building areas on both sides of the canal and 15 billion dollars for the cost of building the canal. As for the completion date of the new Istanbul Canal project, it is in 2027.
Despite the high cost of the canal project, the canal will generate significant profits for Turkey, as it is estimated to bring in profits of up to 8 billion dollars annually, which means that through these profits, the Istanbul Canal project can cost be covered.
These profits will be achieved through the passage of commercial ships, especially the giant ones, and through constructing facilities on the outskirts of the canal.
The most important benefits of the Istanbul Canal project
Increasing the security of maritime navigation and growing traffic across the Black Sea
Reducing the pressure of navigation in the Bosphorus Strait
Reducing the environmental risks to the Bosphorus Strait for several reasons, including the passage of oil tankers that threaten marine life
Implementation of the Turkish government's vision for 2023 and 2053, which places Turkey among the ten most potent economic countries in the world
The importance of the Istanbul Canal lies in investment, genuine estate investment, in its prominent geographical location, which means that it will provide new projects and new opportunities for all those wishing to invest in Turkey, especially in buying land for sale in Turkey or buying apartments for sale in Istanbul.
One of the essential advantages that the channel will provide for investment
Its proximity to the corridor that connects Istanbul Airport with the city center ensures quick access and shortening of many roads, which means there will be an investment revolution in the areas near the canal.
Its proximity to three artificial islands will be built from the ruins of the canal, and one of them will be an opera house.
It will create a significant commercial and tourism movement, which will mean new hotels, restaurants, and job opportunities.
Istanbul Canal will provide a dedicated railway bridge, which means easy transportation and shipping movement between the city's outskirts.
The most crucial point is the construction of new real estate. There will be a completely new area in Istanbul, so it is necessary to know the investment opportunities available there, especially in real estate. So about this area, feel free to share this information with your companions.
The Montreux Convention of 1936, the agreement stipulates Turkey's pledge to regulate the traffic of warships and commercial ships and determine the period of their stay in the Black Sea. It includes ships from Ukraine, Russia, Georgia, Bulgaria, and Romania.
Where Turkey determines the number of ships that can pass, the types of boats, and the weight of the permissible cargo, to preserve the environment with the influx of oil transport ships
As for the new Istanbul Canal project, the agreement does not stipulate any of this except on the Bosphorus, which means that the new canal will provide traffic without referring to the Montreux Convention.
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