The “Istanbul Waterway Project” stands as the largest government development project in Turkey. Initiated in 2016.
the project officially commenced in June 2022, aiming to create a water channel connecting the Marmara Sea to the Black Sea.
easing maritime traffic and reducing pressure on the environmentally sensitive Bosphorus Strait.
Overview of the Istanbul Waterway Project:
- Part of Turkey’s Vision 2023, the project is expected to be completed by 2027. It involves a water channel connecting.
- the Marmara Sea to the Black Sea, passing through the Kucukcekmece Lake, dividing the European side of Istanbul into two sections along the Bosphorus Strait.
- The Istanbul Waterway is positioned as a technologically advanced alternative to the Bosphorus, featuring modern construction elements.
- and the development of new cities along its banks.
- Stretching 45 km through areas like Kucukcekmece, Esenyurt, Bahcesehir, Basaksehir, and Arnavutkoy, the canal is 275 meters wide and 20.75 meters deep.
- The Turkish government aims to facilitate commercial ship traffic between Europe and Africa, diverting it from the Bosphorus.
- which has become environmentally risky due to a significant increase in the number of ships. Opening the canal is expected to attract commercial ships.
- sharing the maritime traffic burden with the Bosphorus.
Projects Associated with the Istanbul Waterway:
- Beyond creating a water passage, the government plans to build ten bridges along the canal, making transportation more convenient.
- Additionally, new residential cities and large complexes accommodating up to half a million residents are part of the development.
Impact on Surrounding Areas and Lands:
- Areas surrounding the Istanbul Waterway, such as Avcilar, Esenyurt, Kucukcekmece, Bahcesehir, and Basaksehir.
- are experiencing a positive impact on investment value. The completion of the project is expected to further increase the value of properties and lands in these areas.
- Investors, both local and foreign, are acquiring shares in lands and properties near the Istanbul Waterway.
- The region is transforming into the new center of Istanbul, and property prices are expected to rival those in current Istanbul centers like Besiktas and Sisli.
New City Yeni Sahir in Istanbul:
- Simultaneously with the excavation of the Istanbul Waterway, new city projects, including “Yeni Sahir” or “New City,” have begun in Turkey within the canal’s vicinity.
- particularly in the Arnavutkoy region, adjacent to the Istanbul International Airport.
Advantages of Real Estate Ownership in the Surrounding Areas:
- Development of entirely new residential areas with the latest construction technologies.
- The strategic location of the Istanbul Waterway and its surrounding lands within a secure seismic green zone.
- Buildings and properties in the vicinity incorporate earthquake-resistant measures and high-quality materials.
- Beautiful views from apartments overlooking the canal, green spaces, and bridges similar to Bosphorus views.
- Arab and foreign investors have started to invest in these areas due to their investment potential.
- According to the Golden Group, the price per square meter for lands around the Istanbul Waterway starts at $125.
- Factors like land specifications and proximity to the canal influence the price, with the overall square meter price in Turkey ranging between $200 and $1000.
Investment experts predict that property prices in the areas surrounding the Istanbul Waterway will continue to rise, potentially exceeding 500% between 2020 and 2023.