5 Mega Projects That the New Istanbul is Betting on!

Although it is not the political capital of the country, Istanbul has imposed itself as the economic capital of Turkey, because of its components, infrastructure and mega projects that made it compete with the most powerful capitals in the world.

Istanbul periodically launches many economic, social and medical projects that attract the attention of the world, and among these many projects it has chosen for you Europ Homes Real Estate 5 major projects that New Istanbul is betting on, and we find that they are strategic projects that are unique to Turkey and have left their mark through them.

In our real estate blog, we will inform you about the details of these mega projects, and we’ll discuss its economic feasibility regarding the city of Istanbul, as well as their impact on the real estate market in Turkey and on pushing foreigners to have more interest in real estate ownership in Turkey.

Article Contents:

• The new canal of Istanbul
• The medical city in Başakşehir
• The third airport of Istanbul
• Avrasya Tunnel
• Metrobus
• Mega projects impact on the real estate market in Turkey

• The new canal of Istanbul

One of the largest projects in the country’s history, the new Istanbul water canal that Turkey has started working on, after its plan was officially announced on January 15, 2018.

So, what is the water canal of Istanbul?

• It is the project of the era, as Turkey calls it, and it relies a lot on pushing the international trade movement.
• The canal will connect the black sea from “karaburun” region in the north with the marmara sea in Küçkcekmece region in the south.
• The project is considered one of the largest projects in the world, with a cost of $25 billion.
• The canal is 45 km long, 21 meters deep, and 275 meters wide.
• The canal will be a daily transit center for 160 ships between fuel tankers with a length of 275 meters, a width of 48 meters, and a tonnage of 145,000 tons, as well as container ships with a length of 340 meters, a width of 48.2 meters, and a weight of 120,000 tons.
• The project includes millions of residential and commercial units in its aspects, including what construction companies have begun to complete, including the state-owned Emlak Konut Company.
• The project will generate 8 billion dollars annually for the Turkish treasury.
• The project will create more than a million and a half job opportunity.
• The project will allow the Bosphorus strait to be devoted to the touristic side since the new canal will be exclusive for the commercial traffic.

The medical city in Başakşehir

One of the largest projects that Turkey has delivered in the middle of the covid-19 pandemic may 2020, the medical city in Başakşehir which is a medical edifice of which the new Istanbul is proud, and among its most important characteristics:

• The medical city includes 8 specialized sub-hospitals.
• The medical city is the largest of its kind in Europe.
• The city has a capacity to accommodate 35,000 daily patients.
• The medical city is built on an open area of 789 thousand and 31 square meters and a closed area of one million and 21 thousand square meters.
• The city includes 10 buildings and contains 3 helicopter pads.
• The city has a capacity of 2682 beds 456 of which are for the ICU.
• The city has contributed a lot to treating Corona patients, especially since its opening took place 40 days after the outbreak of the pandemic in Turkey.
• The city is also a main destination for medical tourism in Turkey.

The third airport of Istanbul

It’s described as the largest airport in the world, due to its vastness, the ability to accommodate for a large number of passengers annually, and its great superiority over its peers in the midst of the covid-19 crisis, as it was able to operate thousands of safe flights. Among its most important features:

• The new airport is located in Arnavutköy district, a promising real estate and investment district.
• Since its opening 3 years ago, the airport has earned 31 international awards, among of which is “Airport of the year” in 2021.
• The airport has a capacity to handle 90 million passengers annually.
• The airport was built on an area of 76.5 million square meters, 1.4 million of which is the main passengers building
• The airport has 7 main entrances, 229 passport control points for both arrivals and departures, and 77 flight gates
• The airport has generated more than a million job opportunities in Turkey..

Avrasya Tunnel

One of the most important achievements of Istanbul under the sea, Avrasya Tunnel which was opened in December 2016, its key features:

• It’s a unique tunnel that passes under the sea between the continents of Asia and Europe, it’s dedicated to vehicles and consists of 2 floors.
• The tunnel is 14.6 km long under the waters of the Bosphorus, which shortens the crossing distance from European Istanbul to Asian Istanbul to 15 minutes.
• The tunnel cost Turkey 1 billion and 245 million dollars.
• The construction company will be responsible for supervising the operation of the tunnel for a period of 24 and a half years.
• The project has generated for the public treasury and has supported the Turkish economy with almost 1.2 billion Turkish liras for construction expenses in its first year.

Metrobus

One of the most important transportation methods in Istanbul, which is unique to Turkey globally, it’s a bus line going in both directions on the E5 highway and it never stops working 24/7.

The metrobus, which is called the transportation artery in Istanbul, is:

• A fast public transportation bus that crosses 45 stations from the farthest corner of European Istanbul, passing through the Bosphore bridge, to the Sogutlucesme district.
•  The distance traveled by the metrobus is estimated at 50 km.
• The most important vital areas that the metrobus passes through, Beylikduzu, Tuyap fairgrounds, avcilar, bakirkoy, sisli, and the Bosphorus bridge.
• The metrobus carries about one million passengers daily.
• The Metrobus contributed to the prevention of the emission of 623 tons of carbon dioxide daily.
• The cost of traveling from the European side of Istanbul to the Asian side is less than 1$ according to the exchange rate on the date of this article, estimated to travel the whole distance for 8.13 Turkish liras (Today’s exchange rate 1$ = 14.76 Turkish liras), with the note that this cost is reduced for doctors, students, retirees, and security staff and more.

Mega projects impact on the real estate market in Turkey

These mega projects in Istanbul have contributed in increasing real estate sales tremendously, therefore, Istanbul has maintained the lead in terms of the number of properties sold annually.

Among 1.5 million properties sold in Turkey in 2021 for example, 276.233 of which was sold in Istanbul, earning 18.5% of the gross real estate sales in Turkey.

Among the most important reasons for the high interest in real estate in Istanbul, is the mega projects that we mentioned above, therefore, the ownership rates are higher near the metrobus, the third airport, and the medical city and more.

If you are interested in buying real estate in Turkey, get in touch with experts at Europ Homes Real Estate Where the wonderful projects are next to the largest vital projects in Istanbul and all of Turkey.