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

Ana Plata ()

No 201357, Working Papers from Latin American and Caribbean Environmental Economics Program

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

Pages: 25 pages
Date: 2013, Revised 2013
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