January 04, 2012

Turkey's ‘Crazy’ Istanbul Canal Project is Expected to Be Completed by 2023

Almost nine months have passed since the prime minister’s announcement of Istanbul’s “crazy” canal project, and officials have started surveying land at proposed sites. While real estate developers also said land prices in the planned area have increased tremendously, others oppose the project for various reasons.

“We started surveying the land for the construction of the canal and we are working on the details,” an official from Istanbul Municipality told the Hürriyet Daily News recently, adding that the canal would be constructed in the northwestern part of Istanbul, near Terkos Lake.

Real estate agents, however, said the location was already chosen. “We are almost sure the location will be around Değirmenköy since the prices in that region have gone up 200 percent in the past year,” Reka Balkan, a member from the real estate agencies’ chamber, told the Daily News.

Balkan said they received a number of phone calls everyday asking for the land prices in the area.


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