Building age in Istanbul

The person looking for a property in Istanbul, whether to live in it or invest, needs to determine his options accurately, and also with experience, especially with regard to the age of the building in which he buys this property, and it is known that each of the options for owning real estate in Istanbul has its advantages and advantages that cannot be overlooked. 

And in compliance with Fanar’s duty to provide real estate consultancy, we have prepared this report in detail, in which we discussed the term of building age, types of real estate according to the age of the building, the advantages of each type, and some important points that must be taken into account when deciding your real estate option, to have an idea and satisfactory buying experience. Property for you in Istanbul.

 

Information about the age of the building in Istanbul

Each building has a specific age, or it can be said, a period of time during which the property is suitable for habitation and residence.

The age of the building is one of the most important factors affecting the purchase of the property and determining its price, as well as determining the extent to which it can be used for investment.

 

What is meant by building age?

The age of the building is the period of time that has passed since its construction, and this determines its suitability for housing, as well as the capacity of the building to resist disasters or natural factors such as moisture and corrosion, for example, and also determines its need for restoration, repair, renewal and other factors related to the age of the building.

Average building age in Istanbul

There are no statistical estimates or official instructions specifying a specific date for the age of building in Istanbul, but on average, the lifespan of a habitable building in Istanbul is: 

between 15 to 20 years for ordinary buildings inside neighborhoods, 

between 20 to 30 years for rural buildings, 

between 70 to 90 years for residential complexes

and because of Urban transformation plans in Turkey, It is expected that the number of modern residential complexes will increase, at the expense of the rehabilitation of old buildings within residential neighborhoods or on the outskirts of Istanbul.

A note about the age of the build

The restoration and rehabilitation of houses increase the life of the habitable building and residence, and this positively affects the ability of the building to withstand and resist natural or catastrophic changes.

 

Types of real estate in Istanbul according to the age of the building

Real estate in Istanbul can be divided according to the age of building into four sections:

buildings under construction

These are the buildings that have not yet been built, and construction companies in Turkey usually offer these houses for sale on condition of delivery after the completion of the construction process. The sale of houses under construction in Istanbul is beneficial for both the construction company and the buyer:

The buyer gets the property at a low price, or in a convenient installment system

The construction company guarantees financial liquidity for the construction of the residential complex, and in many residential complexes 90% of the apartments may be sold before the completion of the construction process, so the company obtains an early financial and profit return.

Read: Investing in under-construction properties in Turkey

 

New Buildings "Zero"

They are modern buildings that have not been inhabited before and are often the most preferred buildings for buyers, especially foreigners in Istanbul because they are built according to urban transformation plans, and the new buildings have ideal advantages such as earthquake resistance, protection, and elaborate engineering construction. The new buildings within the residential complexes in Istanbul are also considered among the longest-lived buildings and have the ability to withstand and resist erosion or natural disasters.

 

Used buildings

They are the buildings that have previously been inhabited, and they are the most buildings, but many are reluctant to buy old buildings, especially those whose age is over "10 years" because of the fear that they will not be built according to modern building standards in Istanbul

 

Uninhabitable buildings

They are buildings that are never fit for habitation and need either demolition or restoration according to the construction situation and are often unfit for habitation due to erosion, moisture, rust, cracks, and other cases in which it is not possible to live in the building. People buy this type of building only to renovate or demolish it and build modern buildings with the best standards in their place. The encouraging element in this type of real estate investment is the building's cheapness and the apartments in it.

Factors that determine the age of building in Istanbul

The life span of a building is generally determined based on several main factors:

• The age of steel reinforcement building iron, and the features of this iron, as the iron is subjected to corrosion over time.

• Effect of atmospheric factors on building raw materials, especially with regard to humidity.

• The life of the building may increase or decrease depending on the raw materials and their quality.

• The type of land on which the building is built, and is it habitable or not?

• Sudden natural disasters

 

As for the buildings in Istanbul, there are additional factors that increase the life of the building, which are:

• Government guarantee for the buildings of many residential complexes located within the urban transformation plan in Turkey

• Building permit procedures in Turkey require that it be located on land suitable for construction, and this is determined by the municipality

• Turkey also requires that the building have insurance against earthquakes and natural disasters, and a specialized committee inspects the building before granting it insurance against earthquakes.

• Turkey requires the issuance of an energy identity document for real estate in Turkey

 

The effect of the age of the building on the purchase of the property

There are several points that determine the relationship between the age of the building and the buyer's desire to own this property:

• New real estate "Zero" is more desirable, especially if it is in modern housing complexes.

• Real estate under construction is wanted by investors more than those who want to live, especially if they are looking for real estate at cheap prices.

• Used real estate is sought by those who want to live, but do not have enough money to buy a new property

• Old real estate that needs to be built, rehabilitated, or renovated is very desirable for investors with very large sums.

 

Note: The age of the building affects the buyers' desire to buy it, but it does not affect its price significantly unless there are parts of the building that are damaged

How to increase the life of the building in Istanbul

As we talked about in a previous paragraph, the buildings have an average lifespan that may reach between 70 and 90 for modern residential complexes, but some sound and studied measures can contribute to increasing the age of the building or the apartment in which you reside so that it appears as if it is new:

• The right choice of property from the beginning, and communication with reliable and credible companies to obtain a property in Istanbul with government guarantees.

• Do not neglect your home, and if you live outside Turkey, make sure that there are people who follow you to take care of your property on a regular and organized basis

• Providing natural lighting and regular ventilation protects the house from moisture and its damages

• Regularly paint the house whenever needed

• Keeping the house warm

• Immediate repair of any malfunction or damage in the home

• Get comprehensive real estate insurance

 

Property insurance in Istanbul

Laws in Turkey oblige everyone who wants to create a new property to comply with the standards of resistance to earthquakes and natural disasters, and it is also possible to obtain comprehensive real estate insurance that covers the costs of repair in the event that the property is exposed to any emergency that led to the destruction of some or all of it.

 

Real estate insurance against earthquakes in Turkey was imposed by the Turkish government after the Marmara earthquake, which destroyed large parts of the Avcilar neighborhood in Istanbul and some other neighborhoods in 1999, which called on the government to take strict measures to ensure the construction of buildings with qualities and advantages that are resistant to natural disasters and to ensure an increase in Normal for building age.

 

For this purpose, DASK was established in Turkey, which is the official body responsible for issuing earthquake insurance policies in Turkey under the supervision of the Ministry of Treasury and Finance of Turkey.

Read also: Earthquake insurance in Turkey

Contact Fanar Realty 

when you want to buy a property in Istanbul, we are happy to provide the ideal services for you to get your preferred real estate option that you are looking for, whether for real estate investment or for obtaining residence, or for obtaining Turkish citizenship, or for housing and stability, and we provide you with many real estates offers that meet your need.

 

Our services also include real estate tours, consultations, follow-up of legal procedures to establish ownership, register the property in the Land Registry, and after-sales services, so that you have reached an ideal opportunity to own real estate in Turkey.