A Spatial Analysis of Agricultural Land Prices in Bavaria

Paul Feichtinger and Klaus Salhofer

No 162, Factor Markets Working Papers from Centre for European Policy Studies

Abstract: This paper empirically analyses a dataset of more than 11,000 agricultural land sales transactions between 1999 and 2007 in order to identify the factors influencing agricultural land prices in Bavaria. The authors confirm strong spatial relationships in their dataset, and conclude that neglecting this leads to biased estimates, especially if aggregated data are used. They therefore use a general spatial model combining a spatial lag and a spatial error model, and find that the price of a specific plot increases by 32 cents/m2 when average sales prices in surrounding areas increase by €1.Research results also confirm the strong influence of land quality, urban pressure and land market structure, and that the involvement of public authorities as seller or buyer increases sales prices. The authors find that the Fischler Reform did not considerably change the market and its determinants.

Pages: 20 pages
Date: 2013-06
New Economics Papers: this item is included in nep-agr, nep-geo and nep-ure
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Related works:
Working Paper: A Spatial Analysis of Agricultural Land Prices in Bavaria (2013)
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