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Canal Istanbul Project | When will Construction Begin?

Canal Istanbul Project
Nova Property

Canal IstanbulThe countdown at the Canal Istanbul project, for which a Planning High Committee (PKC) decision was made last year, is beginning. While the feasibility preparations for the project, which had been announced by the Prime Minister in 2011 have been completed, it is expected that excavation works will begin by the end of the year. Canal Istanbul, which will be able to finance itself, will be put out to tender piece by piece. It is expected that the details of the project will become clearer and the construction sector will make its moves together with the announcement of the tenders. The urban design projects, which had been prepared previously, will be reviewed, and this will be followed by a zoning plan, for the Canal Istanbul project, for which a 15 billion dollar investment will be undertaken. While it had previously been planned that a population of 1.2 million would be included within the scope of Canal Istanbul, this has been reduced to 500 thousand due to the intensity of the numbers. 250 thousand + 250 thousand or 300 thousand + 200 thousand people will take their places on the two sides of the city canal. While it is calculated that the cost of Canal Istanbul will reach 50 billion dollars together with integrated projects, 15 thousand people will be employed in its construction.

Russian, Chinese and Italian companies are interested

A large number of domestic and foreign companies are monitoring the Canal Istanbul project. While MWH Global, realizing the Panama Canal Project, and numerous companies from China are showing an interest in the tenders, TAV and its partner CCC are also monitoring the situation closely. At the same time, some preliminary discussions have also been held with Russian and Italian companies for the project. In fact, it has been learned that a very large Russian company has stated that it may undertake the building of the canal in order to solve the marine traffic in Istanbul.

Canal Istanbul will be built in the shape of the letter ‘V’

Canal Istanbul ProjectIt is planned that Canal Istanbul will be 25 meters deep and 150 meters wide. It has been planned that at least 5 main roads, highways and railway lines, coinciding with Canal Istanbul on the east – west axis between the Bosphorus and Silivri, will be displaced, within the scope of the construction works, the cost of which has been calculated as 5.5 billion TL. A minimum of 8 and a maximum of 11 bridges are planned across the canal. The project, which will cost a total of 10 billion dollars, will be put out to tender piece by piece. Canal Istanbul will be built in the shape of the letter ‘V’ cut off from below. The width of the lower section will reach 100 meters, while the distance between the two top points of the letter V will reach 520 meters. The depth of the canal will be 20 meters.

Land prices have peaked

From the day on which the route of the Canal Istanbul project is announced, it will bring a great deal of activity to the real estate market. The location of Canal Istanbul, which President Erdoğan has described as a ‘Crazy Project’, has yet to be announced. However, land prices in the areas believed to be on the route have risen considerably. Küçükçekmece, Başakşehir and Arnavutköy are 3 alternative regions for the project. The most important reason for the selection of this route is that close to 80 percent of the land on the axis of the canal belongs to the Treasury. Stating that the location of Canal Istanbul is not yet known and that they are still carrying out studies, officials said, “We are researching which is the shortest and most suitable route. We are endeavoring to determine the route which will be an alternative to the Bosphorus.” It is aimed that 150-160 ships will pass through Canal Istanbul a day.

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