How does the Istanbul Water Canal affect the Istanbul real estate market ?
The Turkish city of Istanbul is the southeastern gateway to Europe and the only sea lane of the Black Sea countries to the Mediterranean.
But today it is not the geographical aspect alone that makes Istanbul a very important city, after many large projects have been implemented in recent years, which will certainly enhance the city's position and importance in the world.
Since the Justice and Development Party (AKP) came to power in 2002, the authorities have implemented many bold projects to boost Istanbul's position as a mega city of strategic importance.
The third bridge linking the Asian and European sides of Istanbul across the Bosphorus Strait was opened in 2016. Similarly, Istanbul International Airport was opened in 2018 and became one of the largest in the world.
In addition, today Turkey is creating a huge project by opening a water canal to connect the Black Sea with the Sea of Marmara, and thus with the Aegean and Mediterranean Seas.
The reasons for the establishment of the Istanbul Water Canal vary from ambitions to restore the strength of the Turkish role in the region to the limits of ordinary technical matters.
As the project will reduce traffic in the Bosphorus, continue the urbanization process in parts of Istanbul and reduce the risk of ship accidents.
On the other hand, the Istanbul Water Canal will bring great prestige to Turkey and great revenues
There is also another purpose for the construction of the Istanbul Canal related to the Montreux Convention which applies to the Bosphorus Straits and Turkey's efforts to bypass them under its revisionist ideology.
Istanbul real estate after the Istanbul Canal
The Istanbul Canal project is one of the largest projects that will be built in the twenty-first century or the era project all over the world. This channel will constitute a great opportunity not only in the Turkish real estate market, but also in the world as a whole
Since it is planned that two mega-cities will be built on both sides of the canal by 2023, the Istanbul Water Canal is a very important project for all sectors, including the real estate market in Istanbul
Since the project was announced, land prices began to rise in the region; Actual land purchases for real estate construction began after the official announcement of the project at Halic Convention Center with a press conference.
Given that Canal Istanbul is located with both the third bridge and the North Marmara Highway on the same road, the entire project is important for both the Istanbul real estate market and the global real estate sector, as it will become a real estate area of 453 million square meters
The Istanbul Water Canal is a real estate investment opportunity in many fields, and acquiring a property with a view of the modern Istanbul Canal will be very affordable compared to properties overlooking the Bosphorus Strait.
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