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The evolution of land values in Italy. Does the influence of agricultural prices really matter?

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  • Mela, Giulio
  • Longhitano, Davide
  • Povellato, Andrea

Abstract

Interest towards farmland market has been increasing in recent years. In developing countries there is rising concern about land being purchased by foreign investors, while in the developed world the debate is centred on whether agricultural factors are still the main determinants of land values or not. This work assesses the determinants of land values in Italy using panel data techniques during the time span 1992-2010. In Italy farmland values have historically been influenced more by natural characteristics of the land than agricultural prices. However, lately non-agricultural factors have been increasing their importance. We find that agricultural prices only slightly affect average land values in Italy. Main determinants of land prices are the yield from real estate investment, GDP per capita, house prices, and population density. For arable land also environmental regulations for livestock farms positively affects values.

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Bibliographic Info

Paper provided by European Association of Agricultural Economists in its series 123rd Seminar, February 23-24, 2012, Dublin, Ireland with number 122479.

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Date of creation: 23 Feb 2012
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Handle: RePEc:ags:eaa123:122479

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Keywords: farmland prices; land market; panel data models; farmland values determinants; Risk and Uncertainty; C23; E32; Q24.;

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  1. Seong-Hoon Cho & Christopher D. Clark & William M. Park & Seung Gyu Kim, 2009. "Spatial and Temporal Variation in the Housing Market Values of Lot Size and Open Space," Land Economics, University of Wisconsin Press, vol. 85(1), pages 51-73.
  2. Pavel Ciaian & d'Artis Kancs & Jerzy Michalek, 2011. "SPS Capitalization into Land Value : Generalized Propensity Score Evidence from the EU," LICOS Discussion Papers 29311, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  3. Claire G. Jack & Joan E. Moss & Michael T. Wallace, 2009. "Is Growth in Land-based Wealth Sustaining Part-time Farming?," EuroChoices, The Agricultural Economics Society, vol. 8(3), pages 29-36, December.
  4. Pavel Ciaian & d’Artis Kancs & Johan Swinnen, 2010. "EU Land Markets and the Common Agricultural Policy," EERI Research Paper Series EERI_RP_2010_47, Economics and Econometrics Research Institute (EERI), Brussels.
  5. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  6. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November.
  7. Weerahewa, Jeevika & Meilke, Karl D. & Vyn, Richard J. & Haq, Zahoor Ul, 2008. "The Determinants of Farmland Values in Canada," Working Papers 43461, Canadian Agricultural Trade Policy Research Network.
  8. Christopher Johnson, 1990. "Farml And As A Business Asset," Journal of Agricultural Economics, Wiley Blackwell, vol. 41(2), pages 135-148.
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