Korea Real Estate Review 2023 KCI Impact Factor : 0.56
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pISSN : 2092-5395 / eISSN : 2733-8339
- https://journal.kci.go.kr/krer
KJCKorea
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Determinants of Farmland Prices in Korea
- Korea Real Estate Review
- 2019, 29(2), pp.53-68
- DOI : 10.35136/krer.29.2.4
- Publisher : korea real estate research institute
- Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
- Received : May 19, 2019
- Accepted : June 14, 2019
- Published : June 30, 2019
1한국부동산연구원
Accredited
ABSTRACT
Theoretically, the feasibility and expected profits of land development have a great effect on land value. The possibility and timing of development are closely related to the location of the land. Farmland prices are significantly influenced by non-agricultural factors in Korea, where farmland development has occurred for several decades. Non-agricultural factors include location, land use regulations, physical characteristics, and neighborhood conditions. This study is an empirical analysis of the farmland pricing model using the large-scale appraisal data. Distance from metropolitan cities, zoning, and distance from main roads are established as proxy variables for location. All of them are found to have a significant impact. Furthermore, depending on the location, a wide gap exists between the use value of farmland and market value. The proportion of non-agricultural value can be roughly obtained from the difference in the two values. The proportion in urbanized areas is about 90 percent. Therefore, the property tax assessment system based on the only market value must be reviewed.
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