The average age of real estates in Turkey is falling

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The average age of real estates in Turkey is falling

The results of the research on properties sold and rented throughout Turkey drew attention to the number of new buildings which have increased since 1999.

According to the data, the average age of all properties in Turkey was 11 years while it was 9 years in Istanbul.

The percentage of houses built before 1999 was 17% and 25% in Turkey and Istanbul respectively. While 17% of the houses built before 1999 in Turkey, this rate was around 25% in Istanbul.

The average age of real estate in Turkey 11
The average age of real estate in Istanbul 9
Percentage of properties built before 1999 in Turkey %17
Percentage of properties built before 1999 in Istanbul %25

According to the results of the research, about 51% of real estates aged between 0-5 years in Turkey, while in Istanbul were 49%.

The data showed that approximately 49% of Istanbul real estates are buildings ranging from 0-5 years old, and 17% have an age range of 21-30 years. In the third place, 6-10 years year-old properties came with 12%.

It is noticeable that the decline in the age of buildings in Istanbul also exists throughout Turkey.

The percentage of buildings aged 0-5 years in Turkey was 51%, while buildings aged 6-10 years came second with 14%.

Read Also: Real Estate Sector Hopeful for More Than 1 Million Sales Target

0-5 yeas 6-10 years 11-15 years 16-20 years 21-30 years 31-40 years 41-50 years +50 years
Turkey %50,09 %14,20 %9,20 %9,50 %12 %3,50 %0,70 %0,10
Istanbul %48,50 %11,60 %6,60 %8,20 %16,60 %6,10 %1,30 %0,30

The average property price in Turkey, which were established after 1999, was 636 thousand TL, while the average price was 532 thousand TL were for properties over 20 years old.

While the average price of real estate built after 1999 in Istanbul reached 995 thousand TL, the average price was about 783 thousand for those built before 1999.

Edit By: Realty Group

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