The New Canal of Istanbul – The new Bosphorus.
The New Canal of Istanbul
What is the project of The New Canal of Istanbul in Turkey?
The New Istanbul Canal is one of the major projects of Turkey 2023. The project links between the Black Sea and the Sea of Marmara. Turkish policymakers consider it the most important project in the future rather than the Suez Canal and the Panama Canal.
Canal Istanbul is the name of the Turkish project of the waterway at the level of the artificial sea level, which is proposed to be built by the Republic of Turkey on the European side of Turkey, linking the Black Sea with the Sea of Marmara, and thus to the Aegean Sea and the Mediterranean Sea.
Canal Istanbul will separate the current European side of Istanbul, which leads to the formation of an island (which has beaches on the Black Sea, the Sea of Marmara, the new canal and the Bosphorus), this means an senseless rise in real estate prices in the areas covered by the new canal.
The new waterway will bypass the current Bosphorus strait. The new Istanbul Canal aims to reduce shipping traffic in the large Istanbul Strait and avoid environmental risks. Especially the passage of oil tankers through the Bosphorus. This threatens the marine wealth in the strait and the surrounding environment in general. There are 56.000 ships annually passing through the Istanbul Strait, including 10.000 tankers carrying 145 million tons of crude oil. As the international pressure is increasing, which leads to an increase in the marine cargo and sea traffic through the Turkish straits. As a result, this brings risks to the security of maritime navigation during their passage. But the main goal of the project is 2023, which is the anniversary of the founding of the Turkish state and the end of the Treaty of Lausanne. Which prevents the Turkish government from collecting taxes on the passage of ships from the Bosphorus.
The new waterway will be 45-50 km (28-31 mile) long, at a depth of 25 meters (82 feet). It will be 150 meters (490 feet) wide on the surface and 120 meters (390 feet) at the bottom of the canal. These dimensions allow the largest ships and submarines to pass through.
The idea first started in the 16th century and pre-feasibility studies in 2009, and the results of the studies were declared in 2011. Work began in April 2012, and the first stage of construction began in April 2013.
At that time, the Turkish Prime Minister (President Recep Tayyip Erdogan) stated that Istanbul Canal would cost approximately 10 billion$ to construct. The necessary funds were allocated to it from the Turkish treasury, that is, the total dependence on national resources. With the Turkish army being given a major role in this project because of its great importance for the future of Turkey.
Start of Work
The first stage of the New Istanbul Canal project started in April 2013 and included the start of construction of bridges and highways.
Investment in the lands of the new Istanbul Canal project
- The European side of Istanbul is highly flourishing at the present time because of the new Istanbul Canal project and the third airport. This led to an increase in demand from real estate investors and developers. It has also attracted international buyers to invest in the European side of the city. As a result, the value of real estate and land in these regions has been increased. The return on real estate investment in that region is currently considered one of the most feasible and profitable in terms of economy and investment, taking into account the land metro line, which will be completed within the next three years.
- This project was first talked about in 2011. While for the announcement of this project, it took place on April 27, 2016, When President Erdogan confirmed the opening of an industrial canal linking the Black Sea and the Sea of Marmara.
- The main objective of the project is to divert ship traffic from the Bosphorus strait to the industrial canal. In order to reduce the navigational movement on the historic city and its residents.
- The canal ranges between 45 and 50 km in length, 400 meters in width, and 25 meters in depth. Six bridges and a new city will be built over the canal on both sides of the canal.
- The city contains a conference hall, major commercial centers and residential compounds.
- Turkish statistics refer to 137 cargo ships and 27 carriers with commercial loads. the weighs could reach 150 million tons that will cross the canal and become the new Bosphorus.
- Three islands will also be constructed from the remaining of the new Istanbul Canal excavations, estimated at 2.7 billion cubic meters.
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