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What determines the Czech land market prices? Some regional findings

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Author Info

  • Medonos, Tomas
  • Vilhelm, Vaclav
  • Hruska, Martin
  • Jelinek, Ladislav
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    Abstract

    The paper deals with the analysis of market land prices that were collected from land purchased contracts in the Czech Republic. Regression model was used to identify determinants explaining variability of market prices between 2008 and 2009. It was found out that type of plantation, region, type of buyers, plot size, distance to regional city or number of parcels play significant role. These factors explain more than a half of variance in land price. Quality of land that was expressed through administrative price has significant effect on market price. Yet, such effect became less import in regions nearby cities (e.g. Prague and Olomouc), where the market land price is significantly influenced by the distance to the district city. Land reform, however has not been confirmed to stimulate higher prices for sellers. It is reasonable to expect that part of the remaining variation could still be accounted for by non-random variables.

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    File URL: http://purl.umn.edu/120242
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    Bibliographic Info

    Article provided by Czech University of Life Sciences Prague, Faculty of Economics and Management in its journal AGRIS on-line Papers in Economics and Informatics.

    Volume (Year): 3 (2011)
    Issue (Month): 4 (December)
    Pages:

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    Handle: RePEc:ags:aolpei:120242

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    Postal: Kamycka 129, 165 21 Praha 6 - Suchdol
    Web page: http://online.agris.cz/
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    Related research

    Keywords: Land; market price; administrative price; regression model; region.; Land Economics/Use; GA; IN;

    References

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    1. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
    2. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-75, June.
    3. David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
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