The importance of the Istanbul Canal
The Istanbul Canal is the largest and most controversial project in Turkey. It will bring great economic and investment gains to the country, and will greatly reduce the number of accidents in the Bosphorus Strait. Therefore, in this article from Ebla Real Estate, we will provide detailed information about the Istanbul Canal and its importance.
The idea of new Istanbul Canal project:
The idea of the canal was not conducted at the new stage in Turkey, the idea had been proposed since the sixteenth century, but no serious implementation step began, until it was raised again in 2009 and economic feasibility studies began.
The beginning of the new Istanbul Canal project began in 2011, through the announcement by the former Prime Minister and current President of the country, Recep Tayip Erdogan, about the canal project.
Some rejected the project because they were concerned about the ecosystem in Istanbul. However, the Turkish government went forward to implement it. Moreover, the project was presented again through Turkey’s vision for 2023 and 2053. And the first phase of construction began in April 2013.
The announcement gave a complete picture of the number of benefits accruing to the state in terms of the economic and commercial gains that Canal would achieve.
That is because of its strategic location that helps to provide more international ship movement in the black sea. Thus, there will be a large number of commercial and tourist projects across the Canal.
Istanbul Canal specifications:
The Istanbul Canal project is located in the western part of Istanbul. It connects the Black Sea with the Sea of Marmara, with a length of 45 km, a width ranging from 400 to 600 meters, and a depth of 25 meters.
Moreover, the canal will witness the construction of 6 bridges and a new city on both sides of the canal, which includes a conference hall, major commercial centers and residential complexes.
Furthermore, the new canal can handle 137 cargo ships and 27 tankers with weights of up to 150 tons.
The Canal will form a waterway parallel to the Bosphorus, which contains a large number of ports, railways, and industrial areas.
The completion date of the Istanbul Canal project and its cost:
The estimated value of the Istanbul Canal project is about 25 billion US dollars.. 10 billion dollars to build areas on both sides of the canal, and 15 billion dollars to build the canal.
The exact date for the completion of the Istanbul Canal project is 2027
The importance of the Istanbul Canal:
- The Istanbul Canal project will achieve strategic and economic gains for Turkey, and will avoid the risks arising from the increased transit traffic in the Bosphorus Strait.
- It will also greatly reduce the threats posed by ship accidents in the Bosphorus Strait.
- Moreover, the new Istanbul Canal will rid the city of environmental damage caused by ship emissions in the Bosphorus Strait, which operates three times its capacity, which results in a longer waiting period for ships and increases its pollution to the sea and air during the waiting period.
- Canal Istanbul Montreux will organize the trade and passage through the Bosphorus and Dardanelles Straits.
- Additionally, increase security in the strait, ensure traffic safety and navigation, establish a new international sea waterway, and create a modern earthquake-resistant residential area in Istanbul.
- Canal Istanbul will return of great importance to the Turkish real estate market.. The properties that will be built near the new canal will be a high investment opportunity.
- The area will witness a large commercial movement as the new canal will specialize in commercial traffic. It will also create a significant tourism movement.
- Six bridges will be built over the canal, transforming Istanbul into a city with two seas.
Edited by: Ebla Group Real Estate
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