5 Facts about the new Istanbul Canal project, what is its cost? And what benefits will it bring to Turkey?

new Istanbul Canal

The new Istanbul Canal is one of the ‘mega-projects’ that the Turkish government intends to establish in the context of supporting the Turkish economy and increasing Turkey’s domestic product with the aim of becoming two trillion dollars by 2023, which marks the centenary of the founding of the Turkish Republic.

What is the new Istanbul Canal? What are its costs and advantages, and what are the benefits that it will bring to the country? We will go over the answers to all these questions in this article.

What is the new Istanbul Canal?

The new Istanbul Canal is a project that aims to create a waterway parallel to the Bosphorus, 30 km away from it, to connect the Black Sea in the north and the Sea of ​​Marmara in the south.

What are the specifications of the new Istanbul Canal?

The canal project is a huge project due to its specifications that make it comparable to the natural strait as:

new Istanbul Canal
  • It is about 45 km long, 400 meters wide, and 25 meters deep.
  • The canal can handle the passage of 137 cargo ships loaded with heavy weights of up to 150 tons.
  • 6 bridges and a new city will be built on both sides of the canal, and some artificial islands.

What are the most important features of the new Istanbul Canal?

The canal will primarily work on easing the navigation of the Bosporus and diverting the movement of ships to the canal, which will reduce the potential environmental risks to marine life in the strait. Among its other important features are:

  • The new Istanbul Canal will increase the security of maritime navigation in Turkey.
  • Supporting sea freight between the Black Sea and the Marmara Sea.
  • Facilitate the movement of point vectors.
  • Enhancing the commercial value of Istanbul.

What is the cost of constructing the new Istanbul Canal?

The Turkish Prime Minister announced in 2013 when the first stages of construction began that the cost of the project would reach about 10 billion dollars, and stressed the state’s keenness not to use any external funding and to rely on its resources to support the project.

Some may think that the cost of such a project will be a burden on the state and the citizens will bear its consequences, but on the other hand, the canal project was one of the most important factors for attracting foreign investments and attracting capital to Turkey, which led to the prosperity of the region, which returned with positive results such as the rise in the value of real estate in The European side of Istanbul and the increase in the value of investments significantly, which resulted in a rise in the economic value of the region and an increase in profits even more.

What are the benefits that will accrue to Turkey from the new canal project?

There is no doubt that the new Istanbul Canal project will bring many benefits to Turkey, whether on the economic, environmental or real estate fronts, for example:

From an environmental point of view:

The canal will mitigate the potential damage to marine life in the Bosphorus and speed up the movement of oil tankers that pose a danger to marine organisms in the event of a leak or disruption and cause pollution in the environment surrounding the strait, limiting the occurrence of damage.

Economically:

  • The canal will enhance Turkey’s position in the field of maritime navigation.
  • The new channel will compensate for the money that Turkey was deprived of according to the Montreux Convention regarding the straits.
  • The canal will contribute to easing congestion, which means more tourism and marine sports activities.
  • Securing the safety of marine trips, which leads to an increase in tourist and commercial trips.

In terms of real estate:

The new canal project will bring great benefits to the Turkish real estate market as:

  • Real estate built near the canal will constitute a high investment opportunity.
  • Real estate near the canal that connects the city center with Istanbul Airport will be more desirable.
  • The area will witness a large tourist movement, which means more tourism real estate investments.
  • Canal 6 will include bridges, facilitating transportation for residents.
  • The projects near the canal will have apartments on the sea, which constitutes a high investment.
  • The proximity of real estate projects to a waterway that includes three artificial islands that contain many entertainment centers will make them more valuable for investment.
  • The proximity of the canal to Istanbul Airport gives it double privileges, which means successful investments and double profits.

read also: Why invest in Turkey, what are its benefits? Do you know the best 4 investments?

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