Determination and forecast of agricultural land prices [Determination and forecast of agricultural land prices]

Bastiaan Philip Reydon, Ludwig Einstein Agurto Plata, Gerd Sparovek, Rafael Guilherme Burstein Goldszmidt and Tiago Santos Telles
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Bastiaan Philip Reydon: IE-UNICAMP
Ludwig Einstein Agurto Plata: FATEC
Gerd Sparovek: ESALQ/USP
Rafael Guilherme Burstein Goldszmidt: EBAPE/FGV
Tiago Santos Telles: IAPAR

Nova Economia, 2014, vol. 24, issue 2, 389-408

Abstract: The aim of this study is to discuss and apply hedonic methodology for the determination and forecast of land prices in specific markets. This is important due to the fact that there is no official or reliable information in Brazil on current prices in land market transactions. This hedonic price methodology uses a multiple regression model which has, as an explanatory variable, the price per hectare and independent variables related to physical attributes (soil, climate and terrain), production (systems of production, location, access), infrastructure of the property and expectations (regional scenario, local investments). Application of the methodology to a Homogeneous Zone of the state of Maranhão, in Brazil, generated a parsimonious model, in which five independent variables were responsible for 70% of the variance in the price of agricultural land.

Keywords: land market; hedonic prices; multiple regression analysis; land policy (search for similar items in EconPapers)
JEL-codes: R14 R15 (search for similar items in EconPapers)
Date: 2014
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