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The valueof ruralland attributesin Aquitania (Colombia): An applicationof spatialhedonicmodelsin datalimitedrealestate analysis

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  • Ana Milena Plata Fajardo, Julio Cañón

    (University Federal do Ceará)

Abstract

Manycountrieslackinformationaboutrurallandattributestoproperlyanalyzetheirrealestatemarkets.Thispaperaddressestheestimationofthemarginaleconomicvalueofenvironmentalamenities,structuralcharacteristics,neighborhoodfacilitiesandaccessibilityonpropertyvalueinaColombianruralregionwhereagricultureandcattlegrowingarethemaineconomicativities.Basedon400RuralLandPricefor2012andon21independentvariables,thestudycomparestheMoranIandtheAkaikeInformationCriterionofthreemodels:OrdinaryLeastSquare(OLS),SpatialLagModel(SLM)andSpatialErrorModel(SEM).ResultsshowthatbothSLMandSEMoutperformedOLSinspatiallyidentifyingthesignificanceofrealestateattributes.Intermsoflanduse,farmersvalueenvironmentalamenitiesmorethanotherattributes,beingimplicitthegreatervalueofcattleoveronionandothercropsinlanduse.Thesemodelsmaysupportbetterinformeddecisionsinruralrealestate.

Suggested Citation

  • Ana Milena Plata Fajardo, Julio Cañón, 2013. "The valueof ruralland attributesin Aquitania (Colombia): An applicationof spatialhedonicmodelsin datalimitedrealestate analysis," Working Papers 201357, Latin American and Caribbean Environmental Economics Program, revised 2013.
    • Handle: RePEc:lae:wpaper:201357
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