One of the highly anticipated Mega Projects of Istanbul, titled Canal Istanbul will be about 43 kilometers long between the Black Sea and the Marmara Sea. The entrance of the canal is envisioned in the western part of the third airport by the Black Sea. The other end will be by Küçükçekmece in the region of the lake of the district. To support as many ships as possible, the canal will be 500 or even 600 meters wide while reaching 25 meters in depth. On the other hand, as part of the mega project, designs of two new districts with a population of 500 thousand are in planning stages.
Canal Istanbul megaproject is one of the biggest projects of the 21st century on a global scale. The first studies and drillings began for Canal Istanbul in 2017 and completed in early 2018. The Ministry of Transport, Maritime and Communications has cooperated with a large number of institutions, as well as hiring a large number of Turkish and international specialists for the construction process.
A Fresh Breath of Air for Istanbul's Traffic
When this project is completed, an island will be formed. While it is officially between the two continents of Istanbul, the island will belong to the European side. The four sides of the new Island will be surrounded by the two seas of the region. There are many bridges and crossing points planned on the megaproject to relieve both sea and land traffic of Istanbul.
The region is expected to receive more demand in the future due to its proximity to major transportation routes such as TEM Highway, E-5, Press Express, North Marmara Highway, and Yavuz Sultan Selim Bridge. The project will also support new ports for sea transportation, that will welcome both foreign and local cargo ship. Canal Istanbul is also expected to welcome Cruise ships in addition to boat rides between two continents. For this reason, real estate prices are expected to increase more.
It is estimated that the project which is discussed in the two sections should be positioned separately for the canal and the city to be formed around it, and that the conventions, festivals, fairs, hotels, sports facilities will be operated together with Canal Istanbul. It is envisioned to build six bridges on the canal, and the buildings to be projected on the canal will be built up to six floors.
Real Estate Prices in Istanbul Have Already Increased Thanks to Canal Istanbul
When the real estate value increase of the last three years is taken into consideration in the regions affected by the project, it is seen that the greatest increase is in Arnavutköy. As of the end of September, the average residential sales price in Arnavutköy is 2,200 TL per square meter, and the return period of the housing investment is 25 years. Başakşehir comes in second place in real estate value increase. Güvercintepe, Şahintepe, Kayabaşı and Altınşehir districts of Başakşehir district are highlighted as the regions where the most value increase will be seen due to the project.
The average housing prices in Atakent in Küçükçekmece raised from 2500TL to almost 5000 TL. In 2015, while the prices of the square meters of the houses in Cennet Mahallesi in Bakirkoy were 1500 TL, today they are selling for almost 3600 TL per m2.
While the Canal Istanbul project was announced in early 2013, the real estate market in the region has begun to gain value with the first operations in 2017. Prestigious residential projects on the route of the project have begun to be built already.
The projects around the route can be divided into three mass housing areas; Hoşdere, Ispartakule, Kayaşehir. Some of the biggest projects are Tual Bahçekent, Avrupark, Cadde Flora, Bahçekent Emlak Konutları, Ağaoğlu My Town Ispartakule, Avrupa Konutları Başakşehir, Nidapark Kayaşehir, Evvel İstanbul, Kayabaşı Emlak Konutları, Kuzey Yakası Emlak Konutları.
The Canal Istanbul Project is certain to cause a new attraction in the real estate sector. As Istanbul Investments, we have a rich portfolio of properties on the canal project route.
Local and foreign large construction companies are also investing in the region. Qatar companies are among the greatest investors on the projects on the route of the mega project. The construction of prestigious residential projects are on the agenda in partnership with Qatar investors and Real Estate Housing REIT.
With these investments, house prices will only continue to increase as Canal Istanbul closes into completion.