The Crazy Project (Istanbul Canal) to Increase the Value of Real Estate in the Area

The Crazy Project (Istanbul Canal) to Increase the Value of Real Estate in the Area

The Crazy Project (Istanbul Canal) to Increase the Value of Real Estate in the Area

 

The canal project (Crazy Project) has been described in the media after president Erdogan stated that they will start working on this project. Benning described by the Turkish government as the project of the era is to be the greatest project achieved in Turkish state history.

 

 

The Istanbul canal project is deemed the largest watercourse in the century for the Turkish Government. The canal is a watercourse at sea-level artificially constructed by humankind that plans to connect the black sea to the Marmara Sea and of course the Mediterranean Sea, with these plans the watercourse become a cosmopolitan shipping course (alternative) as its planning to be completed by 2023 as stated by to the agency of Anadolu.

 

 

With this canal (Istanbul canal) the famous city of Istanbul map to be remapped converting the west side of the city into an island. The Istanbul canal project is estimated to cost 15$ billion in cost, with this benning said the uninhibitedness of the canal to generate a strong high opportunity to invest in Istanbul in the territories it passes as well the substructure establishment and projects correlating to the canal completing to name some like bridges, roads, human-made islands and much more to come.

 

The Istanbul canal is not ready yet, but now it has a growing influence on the real estate properties in the territories near it as prices and value growing and akin the terms of desire of investors as its to be growing. The route of canal starting from Küçükçekmece Lake which is located amidst the Esenyurt Distract and Avcilar distract in European Istanbul continuing north the city to Sazlidere dam and to the east of black sea near Terkos dam located in Durusu village with a length of 45 KM.

 

 

Some statistics show that the naming of the canal was so effective to boost the prices of real estate in Istanbul within these areas around the canal, where the price of an apartment per M2 on average during May reached 3000 Turkish lira this is pretty high taking in consideration the last 3 years where it was almost half of this price, some areas to be near the canal had a rise ratio up by 52 % and in others 56 %.

 

 

 

Distracts Were Prices Heighten Due Istanbul Canal:

In the real estate sector that had a good nice strike due the planning and building of the canal have raised in some areas and projects like Canal Avcilar, Basin Express with more projects and sections in the future to see.

 

Kucukcekmece distract has presented an increase in real estate value by 26% with the announcing of Canal Istanbul wither rental or selling prices expecting to be raised to 52%, the average for square M2 in the distract 2800 TL to compare with indications in 2018 that the average in same distract for monthly rent is 1300 liras.

 

Another distract that presented an increasing is Avcilar, in the last 5 years, the area noticed a great rise in real estate prices and many big projects entered the district in hope of great investment opportunity. With canal planning to pass through it, the prices have increased by 40 %.

 

Basaksehir distract in Istanbul one of the areas that the Istanbul canal passes through it also expecting a nice rise in the value of property, and due the opening of the new airport the opportunity to invest in basaksehir increased, even more, to be up by 27%  and with the finishing of the canal expected to be 50% by 2023.


The district of Arnaoutkoy is no different either in the terms of; the area has become a considerable interesting for investors that want to invest in Istanbul in the real estate sector simultaneously with the announcing that Istanbul canal passing through the area to be estimated that the value rises to 50%.

 

Arnavutkoy

28.6    km

Küçükçekmece

7        km

Basaksehir

6.5      km

Avcilar

3.1      km