Canal Istanbul, the name of which has been in existence since 2011, announced by Erdoğan during his time as Prime Minister, as the ‘Crazy Project’ with a magnificent presentation, continues to come back on to the agenda, following the announcement by the Minister Binali Yıldırım that it will be put out to tender this year. Land prices in the region continue to rise considerably with the routes through which the canal project will pass becoming known, and it has been stated that land prices have risen by almost 7-8 times so far.
From 30 to 220 TL
Makbule Yönel Maya, the Managing Director of TSKB Real Estate Appraisal has stated that according to the study regarding the project, the square meter prices of parcels, which were classed as fields prior to the announcement of the project, were between 30-35 TL, but that since the announcement of the project square meter prices have risen to 200-220 TL.
There is a veritable influx
Valuation experts from Eva Real Estate Appraisal have stated that there has been an influx of real estate investors in the regions from the date on which the route of the project started to become clear. Canal Istanbul is being established on 6 thousand 865 hectares of land – that is on 68 million 865 thousand square meters.
It has also been decided that Canal Istanbul will be built with a width of 400 meters, a length of 43 kilometers, and a depth of 25 meters. While all of these features are serving to multiply the value of the project, the fact that the route of the new airport and the Northern Marmara Highway also pass through the canal, are making the reason very much a center of attraction.