Canal Istanbul Project, which will connect the Black Sea and Marmara Sea on the European side of Istanbul and has a length of approximately 45 km; it is a project big enough to affect the economic, social, and urban structure of the region. Within the scope of the Study Project and Consultancy service, the route of the Canal has been finalized because of the technical studies carried out and the EIA studies of the Canal Project are continuing with navigation and in-channel traffic simulation studies together with geological, geotechnical, hydrogeological, ecological, etc. studies. In addition, financial model studies for the construction and operation of the project are continuing. Following the completion of the works, a construction tender will be made.
From 2014 to 2017, when the project route became clear, land prices in the region increased by 3-4 times. According to the current data, land square meter prices in the region on the Canal Istanbul route increased from 80 to 700 TL in 2015 and increased to 370 to 1,900 TL in 2020. The increase in residential zoning plots was much higher.
It is seen that the Canal Istanbul project has recently increased the recognition rate of very unpopular places such as Arnavutköy and Basaksehir districts. The value of these two districts will increase gradually in the coming periods.
tHere is the latest. A project tender is expected in 2021. The cost of building the canal was projected to be 75 billion TL. Together with Canal Istanbul and its integrated facilities, approximately 10,000 people are expected to work in the preparatory-construction phase of the project, as well as about 10,000 people in other enterprises such as canals and ports, logistics centers and marinas.