A new city in the vicinity of the Istanbul Canal
The Istanbul Water Canal is considered the project of the century, and Turkey is taking serious steps in its quest to become the center of the convergence of the world along with the unparalleled Bosphorus Strait. It is also planned to establish a new city in Istanbul on the banks of the canal upon completion of the project and the construction plan has been announced after laying the first cornerstone of the Istanbul Canal Project in late June, in a ceremony attended by the President of the Turkish Republic, Recep Tayyip Erdogan, and from that moment on, the works of the Istanbul Canal project began to be completed immediately.
The Canal City and Real Estate Investment
The Istanbul Canal City project will consist of 10,000 independent real estate units and will include many gardens, parks, and sports facilities. The initial license has been granted to the two companies that will undertake the project, by the Turkish Ministry of Environment and Urban Planning, by approving the initial architectural plans.
The city project will be established on land in Dursunkoy, affiliated with the Arnavutkoy region, with an area of approximately 3,639,116 square meters, and it belongs to a construction company affiliated with the Turkish government.
It is planned that the capacity of this city will be 500,000 people, in addition to containing a large number of service, tourism, commercial and cultural facilities.
Some of the executive works of the city construction project have now begun, as the necessary licenses were obtained to carry out construction work, and the title deeds of the lands that will be worked on were issued.
It is worth noting that the region witnessed an increase in the sale and purchase of real estate in Istanbul, especially by real estate investors, who rushed to buy lands close to the canal path.
It is expected that this project will serve to meet the housing needs in Istanbul, and a part of it will be sold to the employees working at Istanbul International Airport, and the profits resulting from this project will be divided equally between Emlak Konut and Turkish Airlines, with 50% of the profits For both of these companies.
The impact of the Istanbul Canal project on the Istanbul real estate market
Being the largest of the Turkish government’s projects, the Istanbul Canal has already contributed to the emergence of many strong investment opportunities in the region it will pass through, in addition to the construction of many infrastructure facilities associated with the construction of the canal of bridges, roads, islands, and many other facilities.
The canal has greatly affected the areas that will overlook it and near it in terms of investor turnout, as the surrounding areas witnessed a significant rise in real estate and land prices and an increase in the movement of buying real estate and apartments in Istanbul.
Studies indicate that the name of the Canal was sufficient to increase real estate prices in these areas, as the average price per square meter in apartments during May reached 3,458 Turkish liras, and this figure is the highest taking into account the rates of the last three years, and this increase is considered a significant increase The fact that the percentage reached 51.52 percent in some regions and 56.41 percent in other regions.