Canal Istanbul… The project that was a dream of Turkish President Recep Tayyip Erdoğan since he was mayor of Istanbul, what do you know about it?
- • Canal Istanbul has deep roots in history, the idea of building this canal was proposed for the first time in the sixteenth century during the rule of Sultan Suleiman the Magnificent, after him many tried to turn the dream of digging a water canal parallel to the Bosphorus into reality, but they failed, until Turkish President “Recep Tayyip Erdoğan” came in the year 2021 and was able to turn this dream into reality.
- • Preparation for the project took 6 full years (2013-2019), including a study of 5 different paths for the canal, taking into account the nature of the land, the possibility of implementing the project, the financial cost, and the impact of the canal on water resources in the area, in addition to an environmental impact assessment with the participation of 204 academics of different specializations and universities.
- • The Canal Istanbul project represents Turkey’s vision for the future by making it one of the ten most powerful countries economically.
- • Canal Istanbul will not be subject to the Montreux Convention, which imposes restrictions on the type and tonnage of ships passing through the Bosphorus Strait, allowing Turkey to collect $5.5 per ton of goods and tonnage of ships that cross it daily.
- • The canal will give Turkey a significant competitive advantage in the international transport trade, of which more than 75% passes through the seas.
- • Canal Istanbul will reduce the navigational burden on the Bosphorus Strait and reduce emissions and waste that may harm the surrounding archaeological and heritage areas.
- • According to the structural plans, the line of rural suburbs connecting north and central-west Istanbul will move a major urban shift after finishing the project, as it will become part of a new city of 7.5 million sqm of beaches and corniche, and 147 million sprawling parks and gardens on the shores of the canal.
- • The canal will turn the historic Bosphorus Strait into a secondary line for maritime trade.
- • The data indicates that the revenues of the new canal will reach 8 billion dollars annually, which will cover the costs of the project within two years only.
- • The Canal Istanbul project affected the prices of the lands surrounding the canal, as the price per square meter increased to double what it was before the project was announced.
- The Canal Istanbul project will integrate with the rest of the development projects in Istanbul, including the new airport, the third bridge, new roads and metro lines.
- • Canal Istanbul contributes to advancing real estate investment in Istanbul, through the new city “Yenişehir” that is being built on the banks of the canal.
To learn about the investment offers by Elhaj Real Estate Group within the lands of the new Canal Istanbul, you can contact our specialized team wherever you are around the world.
Sources Al Jazeera net – Anadolu Agency
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