What is the fate of the Canal Istanbul lands if the project is discontinued?
With Turkey’s presidential elections approaching, set for May 14th according to President Recep Tayyip Erdoğan, Go Smart real estate investment company is getting a question about the fate of the new Canal Istanbul lands if the project is discontinued.
What raises this question is the opposition of some Turkish parties – including the Republican People’s Party (CHP) – to the Canal Istanbul project, and the fear of some investors about the fate of the lands if an opposition party comes to power.
In this article, Mr. Hussam Khurshid the manager of Go Smart Real Estate Investment company, answers this question, reassuring all those interested in the lands of the Canal Istanbul about the fate that these lands could reach.
No fear whatsoever over the fate of the Canal Istanbul lands
Mr. Khurshid confirms that there is no fear at all over the fate of the lands, as the project of the new Canal Istanbul is not a single project, as it consists of two projects, the first is the Canal Istanbul project, and the second is the Istanbul expansion project “Yenişehir”.
In addition, Mr. Khurshid states that it is very smart that the one who carried out the idea of the project planned to expand the city of Istanbul, which includes the lands of the first, second and third Etaps of the new city “Yenişehir”, to the right and left of the canal.
As who observes Istanbul’s expansion finds that the lands on which the city will expand exists geographically to the right and left of the Canal Istanbul, “and he is like the one who sends a message to everyone that the Istanbul Canal will certainly be completed”, according to Mr. Khurshid.
Historically.. has Turkey ever canceled projects that reached the construction permit?
The land project in the vicinity of the new Istanbul Canal has reached the sixth stage of regulation, according to which the lands are transferred from the registration status of Tarla “agricultural” to the registration status of Arsa “constructible”, with the beginning of 2023.
Since the founding of the Turkish State to this day, “the Turkish Government has never discontinued a project that reached this sixth stage. There is now no going back now after we got to where we are”, according to Mr. Khurshid.
The project is not only on paper anymore..
Commenting on this, Mr. Khurshid confirms that the project is no longer just blueprints, but it exists in reality, as we can see during any field tour the streets, infrastructure, water, electricity, gas, and public facilities, etc. We also cannot forget the projects of the Turkish construction company “TOKİ”, which officially entered the region.
Given the above, the answer to the question “What is the fate of the Canal Istanbul lands if the project is discontinued?” is that “There is no fear whatsoever over the fate of the lands, the project will continue, God willing,” Mr. Khurshid said.
He also confirms that the Yenişehir area has reached the sixth stage of the regulation, and there is now only one stage left, which is going into construction “seventh stage” that investors in the area and these lands are waiting for, which will be after about 90 days, during which objections will be received and studied, after which the announcing of this stage.
Go Smart, is a leading company specialized in buying, selling and investing in lands surrounding the new Bosphorus, offering many investment opportunities within these lands, which achieves unmatched profit returns for investors.
To get offers on investment opportunities, and for a more information on the lands around the Canal Istanbul, you can contact us
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