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Non-Agricultural and Supra-Regional Investors on the German Agricultural Land Market: An Empirical Analysis of their Significance and Impacts

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  • Tietz, Andreas
  • Forstner, Bernhard
  • Weingarten, Peter

Abstract

Investments in agricultural land have recently gained particular public attention both in the international and national context. In Germany, the recent increase in sale and rental prices for agricultural land has often been linked to the activities of non-agricultural investors. The aim of this study is to take stock of these activities and to explore the relevance of nonagricultural and supra-regional investors. Further, it is aimed at investigating the impact of such activities on the land market, agricultural structures and regional development. Four regional case studies are carried out, three of them in the New Länder (former GDR). In each case study region, structured interviews were conducted with about ten farm managers and ten regional experts. Results show that the group of ‘non-agricultural investors’ is very heterogeneous and cannot be delimited by clear indicators. Thus, the core question about the relevance of their activities can only be answered with respect to the type of investor. Judgements as regards their impact are highly dependent on the selection of regional case studies, the type of interviewees and their respective interests. Investitionen in landwirtschaftliche Flächen sind in den letzten Jahren sowohl international als auch in Deutschland vermehrt in der öffentlichen Diskussion. Dabei wurde der jüngst zu verzeichnende Anstieg von Kauf- und Pachtpreisen in Deutschland vielfach mit Aktivitäten nichtlandwirtschaftlicher Investoren in Zusammenhang gebracht. Ziel dieser Studie ist eine Bestandsaufnahme solcher Aktivitäten. Untersucht werden die Relevanz und die Wirkungen der Aktivitäten nichtlandwirtschaftlicher und überregional aktiver Investoren auf den Bodenmarkt, die Agrarstruktur und die regionale Entwicklung. Im Mittelpunkt der Studie stehen vier regionale Fallstudien, davon drei in den neuen Bundesländern. In jeder Fallregion wurden strukturierte Interviews mit rund zehn Landwirten und zehn regionalen Experten geführt. Im Ergebnis zeigt sich die Gruppe der „nichtlandwirtschaftlichen Investoren“ als sehr heterogen und nicht klar abgrenzbar. Die Kernfrage nach der Relevanz dieser Investoren lässt sich daher nur in Abhängigkeit davon beantworten, welche Art von Investoren gemeint ist. Die Bewertung der Wirkungen fällt je nach Fallstudie und Interviewpartner bzw. dessen Interessen sehr unterschiedlich aus.

Suggested Citation

  • Tietz, Andreas & Forstner, Bernhard & Weingarten, Peter, 2013. "Non-Agricultural and Supra-Regional Investors on the German Agricultural Land Market: An Empirical Analysis of their Significance and Impacts," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 62(02), pages 1-13, May.
    • Handle: RePEc:ags:gjagec:232334
    DOI: 10.22004/ag.econ.232334
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    1. Seifert, Stefan & Hüttel, Silke & Werwatz, Axel, 2023. "Organic cultivation and farmland prices: Does certification matter?," FORLand Working Papers 28 (2023), Humboldt University Berlin, DFG Research Unit 2569 FORLand "Agricultural Land Markets – Efficiency and Regulation".
    2. Stefan Seifert & Silke Hüttel, 2023. "Is there a risk of a winner’s curse in farmland auctions?," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 50(3), pages 1140-1177.
    3. Emmann, Carsten H. & Surmann, Dennis & Theuvsen, Ludwig, 2015. "Charakterisierung und Bedeutung außerlandwirtschaftlicher Investoren: Empirische Ergebnisse aus Sicht des landwirtschaftlichen Berufsstandes," DARE Discussion Papers 1504, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
    4. Emmann, Carsten & Surmann, Dennis & Theuvsen, Ludwig, 2015. "Charakterisierung und Bedeutung außerlandwirtschaftlicher Investoren – Empirische Ergebnisse aus Sicht des landwirtschaftlichen Berufsstandes," Department of Agricultural and Rural Development (DARE) Discussion Papers 260787, Georg-August-Universitaet Goettingen, Department of Agricultural Economics and Rural Development (DARE).
    5. Carsten Croonenbroeck & Martin Odening & Silke Hüttel, 2020. "Farmland values and bidder behaviour in first-price land auctions [Identification of standard auction models]," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 47(2), pages 558-590.
    6. Lars Isenhardt & Stefan Seifert & Silke Hüttel, 2023. "Tenant Favoritism and Right of First Refusals in Farmland Auctions: Competition and Price Effects," Land Economics, University of Wisconsin Press, vol. 99(2), pages 302-324.
    7. Henning Schaak & Oliver Musshoff, 2022. "The distribution of the rent–price relationship of agricultural land in Germany [An analysis of growth of U.S. farmland prices, 1963–82]," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 49(3), pages 696-718.
    8. Cord-Friedrich von Hobe & Marius Michels & Oliver Musshoff, 2021. "German Farmers’ Perspectives on Price Drivers in Agricultural Land Rental Markets—A Combination of a Systematic Literature Review and Survey Results," Land, MDPI, vol. 10(2), pages 1-22, February.
    9. Lioudmila Chatalova & Daniel Müller & Vladislav Valentinov & Alfons Balmann, 2016. "The Rise of the Food Risk Society and the Changing Nature of the Technological Treadmill," Sustainability, MDPI, vol. 8(6), pages 1-10, June.
    10. Hüttel, S. & Wildermann, L., 2015. "Price formation in agricultural land markets – how do different acquiring parties and sellers matter?," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 50, March.
    11. Kionka, Marlene & Kuethe, Todd H. & Musshoff, Oliver & Odening, Martin & Ritter, Matthias, 2022. "Bargaining Power in the Agricultural Land Rental Market," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322186, Agricultural and Applied Economics Association.
    12. Stefan Seifert & Christoph Kahle & Silke Hüttel, 2021. "Price Dispersion in Farmland Markets: What Is the Role of Asymmetric Information?," American Journal of Agricultural Economics, John Wiley & Sons, vol. 103(4), pages 1545-1568, August.
    13. Isenhardt, Lars & Seifert, Stefan & Huettel, Silke, 2021. "On the price effect of a right-of-first-refusal in farmland auctions," 95th Annual Conference, March 29-30, 2021, Warwick, UK (Hybrid) 312053, Agricultural Economics Society - AES.
    14. Petrick, Martin & Götz, Linde, 2019. "Herd growth, farm organisation and subsidies in the dairy sector of Russia and Kazakhstan," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 70(3), pages 789-811.
    15. Schaak, Henning & Mußhoff, Oliver, 2020. "A geoadditive distributional regression analysis of the local relationship of land prices and land rents in Germany," FORLand Working Papers 20 (2020), Humboldt University Berlin, DFG Research Unit 2569 FORLand "Agricultural Land Markets – Efficiency and Regulation".
    16. Huttel, Silke & Wildermann, Lutz, 2014. "Price Formation In Agricultural Land Markets How Do Different Acquiring Parties And Sellers Matter?," 54th Annual Conference, Goettingen, Germany, September 17-19, 2014 187596, German Association of Agricultural Economists (GEWISOLA).

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