Canal Istanbul Project Increases Estate Rates In Twenty Areas

Share on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0

Turkey accomplished lots of great projects in recent years like Osmangazi Bridge and Yavuz Sultan Selim. Also The Third İstanbul Airport is still being constructed with an ultra-speed manor, the work continues twenty four hours in three shifts. There is also another enormous project, namely Canal İstanbul, which is expected to start this year.

Revealed in 2011 by Recep Tayyip Erdoğan

Canal İstanbul first announced by Recep Tayyip Erdoğan, who was the prime minister of the date, in 2011. Erdoğan used the phrase ‘Mad Project’ to state the project’s superiority. Canal İstanbul  was declared as an alternative passage fort the heavy traffic on İstanbul Strait.   After the announcement all possible routes for the Project was discussed in public. Especially estate agencies was quite busy to get clues about the possible route.

Küçükçekmece-Sazlıdere-Durusu line

Finally Ahmet Arslan, Minister of Transport, Maritime Affairs and Communications, announced the final route on 15th of January 2018 as Küçükçekmece, Sazlıdere and Durusu line. The foreseen lenght was nearly forty five kilometres. This announcement caused a subtantial increase over the estate rates around this line.

Rates increased thrice in Hadımköy

According to a survey held in Hadımköy, the price was 700-1000 TL/m2 in 2010 and it is now 2500-2600 TL/m2. The survey also reveals that estate rates was effected at Arnavutköy, Avcılar, and Başakşehir.  These examples clearly shows the positive effect of the Mega Project over the economy.

Starting Date Not Certain

The starting date of the Project is not clarified yet. The Government was aiming to start the construction this year but ongoing terror operations in Syria and as well as the uncertainies over the Turkish economy  prevented it. After the early election on 24 June 2018, it will not be a surprise if the Government gives a quick start.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *