Direct and spillover effects of short‐ and long‐term land pricing drivers

Evidence from Italian districts, 1992−2019

Bibliographic Data

ID21353020
AuthorsEmma Bruno (0000-0002-6779-0727, Department of Methods and Models for Economics, Territory and Finance Faculty of Economics Sapienza University of Rome Rome Italy, corresponding author), Rosalia Castellano (0000-0002-0152-985X, Department of Management and Quantitative Studies University of Naples Parthenope Naples Italy), Gennaro Punzo (0000-0001-6861-9553, Department of Economic and Legal Studies University of Naples Parthenope Naples Italy), Luca Salvati (0000-0001-9322-9987, Department of Methods and Models for Economics, Territory and Finance Faculty of Economics Sapienza University of Rome Rome Italy)
Year2024
Volume64
Issue3
Pages804-839
Publication date2024-06-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueJournal of Regional Science (JOURNAL)
Journal identifiersISSN: 0022-4146 • E-ISSN: 1467-9787
PublisherWiley (PUBLISHER • GB)
DOI10.1111/jors.12690
OpenAlexW4391943722
LanguageEN
References cited89

The global economic and food crisis has increased the demand for land and rekindled the interest in farmland market investments worldwide. This study explores the Italian farmland market, investigating its main influencing factors from 1992 to 2019 using a spatial econometric framework. Traditional land characteristics and location‐specific agricultural factors, as well as non‐agricultural factors, are assessed. The average level of farmland prices and their growth are analyzed by modeling the potential types of spatial interactions, and the results are corroborated by considering different configurations of spatial weight matrices. The results show that farmland markets are influenced by land's current net returns as well as by its potential alternative uses. Therefore, factors considered external to the agricultural dimension, such as population pressure, climate change, and speculative expectations, increasingly shape farmland prices

Business · Economics · Microeconomics · Spillover effect · Term (time) · Agricultural Economics and Policy · Housing Market and Economics · Land Rights and Reforms

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Open DOIOpen Access