Analysis of the factors affecting petrol station values in Turkey

Erdogdu C., Arslanlı K. Y.

Journal of Property Research, 2023 (ESCI) identifier identifier

  • Publication Type: Article / Article
  • Publication Date: 2023
  • Doi Number: 10.1080/09599916.2023.2199758
  • Journal Name: Journal of Property Research
  • Journal Indexes: Emerging Sources Citation Index (ESCI), Scopus, IBZ Online, Business Source Elite, Business Source Premier, EconLit, Geobase
  • Keywords: Petrol station, valuation, convenience store, asking price, brand
  • Istanbul Technical University Affiliated: Yes


This study aims to provide the users with formulas for petrol station value estimation activities in Turkey. Firstly, 432 advertisements were used to estimate the asking price of the real estate listings dataset. Secondly, data obtained from 239 valuation reports were used to estimate value. The data were analysed with regression analysis, the variables were found to explain 68.7% of the asking price in the advertisement data and 90.7% of the value in the valuation reports. The results indicated that users could estimate the value of a petrol station by using some of the advertisement data or valuation reports in the estimation. This study can help valuers, especially in cases where access to the actual sales data is required for the market approach, the data needed for the cost approach, and the time needed for value estimation are limited. Our findings indicate that the share of ancillary revenues in the total revenues of petrol stations increased. In Turkey, the revenues of petrol stations, and the revenues from sales of petroleum products increased by 189%, and ancillary revenues by 326% from 2016 to 2021. Moreover, the value of petrol stations belong to one of the five major dealers increase by 24.4%.