The total cost of the future «alternative to the Bosphorus», previously announced at $15 billion, has increased to $20 billion. This was reported by the Emlakkulisi portal with reference to the words of the Minister of Transport and Infrastructure Adil Karaismayiloglu.
Despite the rise in the cost of the project, the Istanbul Canal remains extremely important for the Turkish economy.
President of the Republic of Turkey Recep Tayyip Erdogan, who clarified that almost 90% of the so-called «mobility of trade volume» in recent weeks has been provided by sea transport routes, emphasized the importance of the new waterway both for the domestic needs of the country and for international trade.
The Istanbul Canal has already at the current stage (at the start) contributed to an increase in the importance of the areas nearby. And, accordingly, the rise in the cost of land here and the rise in prices for residential and not only real estate near the future additional transport artery of the largest Turkish metropolis.
The new infrastructure project is so large-scale that its implementation is constantly accompanied by the appearance of various rumors. Nevertheless, the work is in full swing, and housing near the Istanbul Canal is being intensively built. The Office of Mass Housing Construction (TOKI) also invests heavily in the construction of buildings in this area. In particular, a large complex for more than six hundred residences will appear in Arnavutkey.