Canal Istanbul: What Is the Project Offers a Great Revenue Potential to Those Who Buy Real Estate in Istanbul?Mon, Nov 15, 2021 12:00 AM
Canal Istanbul is one of the most debated topics in Turkish media in recent years. The government is planning to create an artificial canal that will connect the Black Sea and the Marmara Sea. Of course, this is a huge project in terms of the trade volume of the country.
However, it is very controversial since the opposition party believes it will not provide any value to the economy. If we need to rely on the numbers and statistics, Canal Istanbul is one of the biggest projects of the Turkish government and can add plenty of value to the country.
We all know that real estate prices are directly linked to the value of the cities. In this regard, many experts expect a huge boost in the prices when the project will be completed successfully. This is why we wanted to prepare this article for those who are planning to invest in real estate in Turkey.
We hope that this guide will provide you with better insight into this new project and help you to make better investment decisions. So, let’s stop wasting more time and check out the details.
What Is the Purpose of Canal Istanbul?
As of today, Istanbul has the Bosphorus, which is the only route that connects the Marmara Sea and the Black Sea. Considering that the vast majority of transportation of goods is carried out with ships, this route has great importance for the Turkish economy.
In this regard, the government decided to start the Canal Istanbul project to increase the number of routes. On the other hand, it is a well-known fact that any minor accident can lead to serious problems in the Bosphorus and the habitat in the area.
Thus, the Turkish government designed the new Canal Istanbul project large enough to allow the passage of more ships. Later on, they are planning to prevent all the passages from the Bosphorus to protect the habitat in the area.
In this way, the Turkish government will hit two birds with one stone. While they will be able to maintain and protect the natural habitat, they are going to increase their trading volume. Many international organizations complain about long waiting queues in the Bosphorus. This will not be a problem anymore either.
Moreover, the Canal Istanbul project will be built in a new area, which has few settlements. This means that Istanbul will enlarge, and new districts will be created to meet the increasing demand. In short, the project is highly beneficial for Istanbul and Turkey.
No doubt that this project is going to add plenty of value to the Turkish government but especially to Istanbul. As a result, experts expect a value increase in all kinds of assets in Istanbul including real estate.
Will Canal Istanbul Add Value to Istanbul?
There is no doubt that Canal Istanbul will significantly add value to Istanbul. Besides protecting the natural habitat, it will also improve the trade volume of the city. With the increased volume, more companies are going to prefer cargo as their main transportation method.
Since new settlement areas will be created, this will attract more residents to Istanbul, which is another indicator of value. Istanbul is already one of the largest cities in Europe with more than 15 million residents. It is expected that the new project may attract about 2 million more residents to the city.
As of today, the Canal Istanbul project has already begun, and it is expected that it will be completed by mid-2023. The real estate prices in Istanbul, including the rent, already began to increase with the start of the project.
We and the Turkish government believe that these prices will be boosted once the project is fully completed.
Should I Buy Real Estate in Istanbul?
Istanbul is one of the best cities in the world to live in. Especially during these times, Turkey is a highly affordable alternative for many foreigners. Turkish Lira lost a great value in the last decade and made the country an appealing opportunity for investors.
The number of real estate sold to foreigners is increasing every month. Since the Turkish Government also offers Turkish citizenship to foreigners who buy real estate worth $250,000, foreign investors are still investing in the country.
Canal Istanbul is another excuse to invest in real estate in Istanbul but before that, the amazing nature and texture of the city are quite appealing to buy real estate. Istanbul is a cosmopolitan city where you can easily meet other foreigners.
In addition to this, most of the international companies have their headquarters in Istanbul. Although the official capital of Turkey is Ankara, most people consider Istanbul as the finance capital of Istanbul.
This means that you can easily benefit from numerous business opportunities in the city.
It Is Profitable to Buy Real Estate in Istanbul?
Canal Istanbul is the biggest project of the Turkish government in its history. This is why both local and foreign experts believe that the project will add plenty of value to the city once it is completed. It is expected that the project will be completed in mid-2023.
So, if you want to make a profit by investing in real estate in Istanbul, you have just a few years. The real estate prices are increasing in Istanbul and other parts of Turkey every month. The Turkish economy is about to nourish and those who invest early will make a huge profit.
Right now, it is the best time to invest in real estate in Turkey. Foreign investors who are planning to invest in Turkey should make their investments before 2023. Otherwise, it will be too late, and you may feel regret.
Besides investing in real estate, you can also purchase one to move to Istanbul too. Today, almost ten percent of the population is international residents. You can easily find great neighborhoods, where most of their citizens have the same nationality as you.
We do not advise waiting for the completion of Canal Istanbul to invest in Istanbul. You can invest in Istanbul today and multiply your revenue in just a few years.