The History of the Istanbul Canal Idea

The concept of an artificial canal alongside Istanbul’s Bosphorus dates back to the 16th century. Throughout history, it has been revisited seven times since the Ottoman era. Leaders like Sultan Suleiman the Magnificent, Sultan Murad III, and Sultan Mahmud II envisioned this project. Yet, it was President Erdogan in 2011 who set the wheels in motion. The Turkish government now aims to inaugurate Istanbul Canal Project this summer.

Canal Characteristics:

• Stretching 45 kilometers, it originates from Kucukcekmece Lake, extends northward to Sazlider Dam, and finally reaches the Black Sea via the city of Samra.
• The canal has a 25-meter depth and spans 400 meters across the surface. Its excavation will produce 2.5 billion cubic meters of soil, paving the way for three man-made islands in the Marmara Sea.
• With a maximum daily capacity of 185 ships, it surpasses the Bosphorus which currently sees a flow of 160 ships daily.
• The canal project demands an initial investment of 10 billion USD with an estimated completion period of 7 years.
• Over 2 million square feet of agricultural land flanking the canal will pave the way for two advanced cities housing up to 500,000 residents.

Why Build the Istanbul Canal?

This ambitious project of Istanbul canal aims to alleviate the burden on the congested Bosphorus. Historically, maritime accidents in the last six decades have surpassed 460. Additionally, local transportation across the Bosphorus is frequent, making water currents hazardous. Another benefit is the reduction in pollution, as currently, 30% of ships navigating the Bosphorus transport hazardous cargo. From a financial perspective, the canal promises an annual revenue stream of 8 billion USD. Moreover, Turkey gains autonomy in managing vessel traffic since the new canal isn’t under the Montreux Treaty’s jurisdiction.

Potential Concerns:

The opposition has voiced concerns about the canal’s potential seismic repercussions, groundwater imbalances, and its contribution to Istanbul’s burgeoning population. Ecological concerns, such as deforestation around the Black Sea and increased Marmara Sea salinity, have also been raised. Additionally, there’s apprehension about the financial viability of such a mammoth project.

Real Estate Implications:

Property overlooking the modern Istanbul canal may seem economically appealing compared to the Bosphorus. However, one can’t overlook the historical and aesthetic allure of the Bosphorus. While the Bosphorus exudes heritage, the artificial canal might not compete in terms of significance or splendor. Despite the Istanbul Canal’s discussion since 2011, ground hasn’t been broken. With a minimum of 7 years for completion, this means potential real estate development along its banks might remain dormant. The 7-year span can equate to two investment cycles in Istanbul’s real estate market.

For those eager to explore investment prospects offering up to 100% returns within 3 years, our consultants at Prestij Consulting are at your service. We have been guiding our clients to lucrative opportunities, and we believe waiting for canal-facing properties might not be a prudent decision. Remember, time is invaluable, especially in a dynamic real estate market like Istanbul. Central Istanbul is our top recommendation for real estate investments owing to its perennial demand. And rest assured, when the time is ripe for investments near the new canal, Prestij Consulting will be at the forefront, guiding its clients.

Interested in understanding more or seeking real estate advice? Don’t hesitate to contact Prestij Consulting or browse our blog for more insights.