One project – European Suez Canal, can turn the closest megalopolis to Bulgaria – Istanbul, a world trade center. The plan belongs to Turkish President Recep Erdogan, who defines it as a “crazy project”.
Resistance to the implementation of the project comes from eco-activists who fear its negative impact on Istanbul's ecosystem. However, the Turkish government is determined to realize it and has included its construction in its vision for Istanbul for 2023 and 2053. The economic and commercial benefits that the “European“ Suez Canal will bring to our southern neighbor.
The project is worth nearly EUR 23 billion. Of these, EUR 12 billion is for the construction of the canal itself, and the remaining EUR 9.3 billion is for the construction of the ground infrastructure on both sides of the bridge. Its length will be 45 km, and its width will vary from 400 to 1000 meters. The depth will reach 25 meters. It is planned to be connected to the European part of Istanbul by means of 6 bridges.
The canal will be located in the western part of Istanbul, connecting the Sea of Marmara and the Black Sea.
The European Suez Canal is planned to be put into operation in 2027. Due to its strategic location, it is expected to attract a significant number of commercial and tourism projects.
The project envisages the passage of at least 160 tankers and ships, which will significantly ease traffic on the Bosphorus.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE