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Increased credit availability facilitates land acquisition, but higher land values also hinder it. We investigate the impact of credit availability on land values, after regulatory changes in the lending system. We build an index of increased credit availability using Federal Reserve and Federal Deposit Insurance Corporation data. County-level panel fixed effects estimations are performed controlling for land value determinants, credit availability, and county-level macroeconomic factors. We find that estimating the effects of credit availability separately masks its total effect. Results show a 0.1 change in the index for increased credit availability is associated with 1.64–1.96% increase in land values.

Urban developments in expanding economies require increasing investments in infrastructure and services. If these are not provided by developers and landowners, the cost has to be met by the government and taxpayers. Financial benefits of economic development accrue to developers and landowners in the form of increased land values, but previous attempts to redirect a share of these benefits to the government have rarely been successful. A more logical and practical alternative would be the introduction of a system that returns dividends to the government in proportion to its investments in infrastructure and services.

We review the recent theoretical and empirical literature on the capitalization of agricultural subsidies into land prices. The theoretical literature predicts that agricultural subsidies are capitalized into land prices when land supply is inelastic and land markets function well. The share of capitalized subsidies significantly depends on the implementation of farm subsidies, local land-market institutions, rural market imperfections, and spatial effects. Most empirical studies have shown that agricultural subsidies are only partially capitalized into land prices, estimating that decoupled payments and land-based subsidies exhibit higher capitalization than coupled payments and nonland-based subsidies, respectively. However, estimated capitalization rates vary widely across studies largely because of data availability and identification challenges.

Bu çalışmanın amacı, Türkiye’nin elektrik enerjisi üretiminde önemli yeri olan, Termik Santrallerin bulunduğu, Kahramanmaraş ili Afşin-Elbistan ovasındaki arazilerin kapitalizasyon oranını, net gelirini ve maliyetlerini belirlemektir. Araştırmada tabakalı örnekleme yöntemiyle seçilen 118 tarım işletmesinden elde edilen veriler kullanılmıştır. Araştırma sonucunda, kullanılabilir kapitalizasyon oranı sulu alanlarda %5.76; kuru alanlarda ise %5.21 olarak tespit edilmiştir. İncelenen işletmelerde işletme sahiplerinin arazilerine biçtikleri değer ile araştırmada hesaplanan değerler arasındaki fark sulu arazilerde %2.66 iken; kuru arazilerde %32.36’dır. Net gelir yöntemine göre hesaplanan değer, işletme sahiplerinin arazilerine biçtikleri değerden daha yüksek çıkmıştır. Araştırmada hesaplanan kapitalizasyon oranları ve elde edilen arazi değerleri, bölgede uygulanacak kamulaştırmalarda kamu kurumları ile yargı organlarına önemli katkılarda bulunacaktır., The purpose of this study is to determine the capitalization rate, net income and costs of land in Kahramanmaraş Afşin-Elbistan plain, which is an important place in Turkey's electricity production. In this research, data obtained from 118 agricultural farms selected by stratified sampling method were used. As a result of the research, the applicable capitalization rate was 5.76% in irrigated areas; and 5.21% in dry areas. While the difference between the value given to the land by the landowner and the calculated values in the research is 2.66% in irrigated lands; 32.36% on dry land. The value calculated according to the net income approach was higher than the value that owners value their land. The capitalization rates and land values calculated in the research will make significant contributions to the public institutions and judicial bodies in the expropriations to be implemented in the region.

The effects of the Conservation Reserve Program (CRP) on farmland values is investigated using a set of parcel‐level data for land sales in Kansas over the period 1998 to 2014. The sales data are used to estimate a hedonic model of land values that allows for the opportunity cost of CRP enrollment to vary across space and time. Factors impacting the opportunity costs include the relative productivity of land, returns to farming, and the time remaining under the CRP contracts. We find that the discount associated with having land under CRP contract averages 7%.

Urban sprawl on agricultural lands has become a global phenomenon plaguing all countries of the world, rich or poor and is mainly influenced by spatial growth of urban areas. Spatial growth in urban areas is an inevitable phenomenon hence the need to regulate it. The aim of this research was to establish the effects of urban sprawl and land use change in the area of Wote town in Makueni County, Kenya.Purposive sampling was used to subdivide the study area into two clusters (Kamunyolo and Unoa). The target population for the study were the natives who own land and live within the study area. The research identified increase in urban population (14%), low agricultural returns (29%), demand for housing (16%) and weak ineffective land institutions (13%) as the major causes of urban sprawl in Wote town. The major impacts of sprawl were found to be diminishing agricultural land (55%), pressure on the existing infrastructure (17%) and increase in land values (14%).The research points that the current urban sprawl is very prevalent and of major concern for attainment of two sustainable development goals (improved agricultural food production and affordable housing) in Kenya . The urban sprawl has both positive and negative effects. However, the negative effects far outweigh positive effects, with diminishing agricultural land being the greatest negative effect. There is need therefore, to regulate urban sprawl to optimize positive effects while minimizing the negative effects.

Cities grow in layers over time. As population and land values increase, older, smaller buildings are replaced with higher density, higher value structures. However, direct costs of redevelopment and institutional barriers such as zoning may constrain replacement of older structures, leading to alternate forms of supply adjustment. In this paper, I use data on building permits in Washington DC to examine three different forms of residential investment: new construction, expansion of existing structures, and renovation. Results suggest that new construction accounts for a relatively small part of residential investment and is highly concentrated in a few neighborhoods. Expansions and alterations of existing structures are more frequent and more evenly dispersed across space. Recent increases in housing values are correlated with more new construction, but only among neighborhoods with relatively more permissive zoning. Additions and alterations are more prevalent in neighborhoods with high property values, older housing, and more restrictive zoning.

Traffic flows have always been a major element affecting the nature of urban streets. Traffic flows influence the location of businesses, residences, and the development of real estate, land values...

Given their increasing importance in the formation and implementation of planning policies in the UK, this paper focuses on the use of development viability tests to determine how land value uplifts actuated by planning consent could be distributed between developers, landowners and the community. Following a discussion of way in which planning obligations act as a quasi-betterment tax that can both capture and create land values, alternative approaches to operationalising Benchmark Land Value (BLV) are evaluated. The effects of different approaches to BLV on potential land value capture are simulated for a number of hypothetical development sites in order to identify and compare implied betterment tax rates and to estimate viable affordable housing proportions. It is concluded that large geographical variations in property prices produce large variations in the potential for land value capture. Different approaches to BLV have a range of strengths and weaknesses. In addition, given that viability models are susceptible to significant levels of error and potential bias, using such models to make and implement planning policies renders such processes vulnerable to opportunistic behaviour and prone to miscalculation.

Second generation rent control seeks to prevent negative quantity effects by exempting newly built units. The artificially lowered rent in the controlled segment makes renting attractive for households that would otherwise not have rented in the market, replacing households with higher willingness to pay for housing. These households bid up prices in the free market segment, giving rise to an opposite-sign spillover from the controlled to the free market (Mense, Michelsen, and Kholodilin 2017). This paper documents a positive effect of “second generation” rent control on the value of vacant, buildable land.

The shortage of available land in densified metropolitan cities demands maximizing its utility. Public authorities are required to find creative solutions to satisfy the growing demand for the supply of public space. The allocation of public services in privately owned buildings constitutes one instrument to answer these challenges. This paper introduces this tool by looking at the phenomenon of Vertical Allocations; specifically we examine how municipalities in Israel appropriate floorspace in newly built multi-purpose structures, which are privately owned. While designating these floors for public use, such as schools and kindergartens, municipal bodies assume responsibility for these new public resources. We identified and analyzed 58 projects inclusive of floorspace allocations for public uses. Following, we conducted over 25 interviews with key Israeli practitioners. We find that the allocation of public floorspace goes hand-in-hand with the trend of high-rise construction, and is promoted mainly in core metropolitan areas where land is scarce, and land values are usually much higher than in non-core peripheral areas. The most common public use allocated is for educational services. We find that the floorspace allocated for public needs consistently constitutes but a fraction of the total floorspace allocated for use by private owners. In Addition, Vertical Allocation of public floorspace presents special challenges, among which are uncertainty and challenges from joint ownership; too flexible or unknown future public functions; potential friction and nuisances due to proximity of uses; disagreement over construction costs and complexity of management within mixed-use buildings. Given rapid population growth, scarcity of land, and other challenges surrounding Israel's implementation of Vertical Allocations, the Israeli experience with this type of mixed use can serve as a teaching model and a test case for the rest of the world.

As an alternative approach to production and distribution practices, the facility was designed to challenge the way urban inhabitants interact with agriculture within the city landscape. The architectural component of urban agriculture is strongly lacking; various social, environmental, and economic issues prevent growing practices from scaling up within the city. The ever increasing volume of food transported into the city on a daily basis needs to be re-conceptualized and paired with an architectural approach that fosters year round growing practices. A new way of thinking about where and how to grow food, as well as an alternative to distributing food throughout the densely populated urban landscape is crucial. By introducing a highly productive growing facility into an area of the city which has high land values, placed in a central dense location without ideal conditions for growing, the design intends to present a new way of thinking about where and how to grow and move food throughout the city. The intent is to expose contemporary production practices, provide engagement with various growing techniques and make such a place accessible within a densely populated urban environment.

Micro-geographic data capturing the spatial distribution of economic activity within cities in history are difficult to access. This paper discusses how tall and durable buildings can be exploited as a source of “big data” to trace the history of the spatial structure of cities. To this end, we provide stylized evidence on how building heights correlate with land values over space and time within cities, review the related nascent literature, and suggest future research areas.

During earthquakes, adjacent structures may collide with each other due to different dynamic characteristics. When buildings vibrate out-of-phase and the separation gap provided between buildings is not sufficient to accommodate their relative motions, collisions can cause severe damage or even complete collapse of structures, and is known as seismic pounding. In metropolitan cities, due to increased population and land values, buildings have been constructed with inadequate separation distance between them. The seismic oscillations induced in a structure in a block of buildings will be partly restrained in lateral displacements and hence torsional movements are introduced (asymmetric pounding). Two different types of impacts may occur during pounding including floor-to-floor and floor-to-column (inter-storey) collisions. In this paper, the effects of asymmetric (contact asymmetry) pounding on the seismic response of adjacent buildings with symmetric plan and unequal building heights are studied. Time history analysis of adjacent buildings with different pounding cases involving 1, 2 and 3 column pounding is carried out using the software ETABS and the corresponding torsional response is evaluated. The influence of separation gap and floor heights between the adjacent structures on the torsion effect is investigated and the results are compared with no pounding case.

The making of land values is conditioned not only by the specific soil production capacities, but also by socio-demographic and economic parameters of the territory. The research aims to highlight the logical-dimensional relationships existing between the land values of a cultivated quality widely spread over a large area and the variables population density and average taxable income, representative of the socio-demographic and income conditions of the population. The elaborations are carried out through spatial correlation analysis, which also makes use of Geographic Information Systems (GIS). An application is developed with regard to the average land values of irrigated arable land in the Campania region (Italy).

Background: The current study examined whether test-related reassurance seeking is associated with lower scores on a high stakes, standardized test (i.e., the ACT) after controlling for academic performance in high school, and with spoiled answers (i.e., changing correct answers to incorrect) on a subsequent academic exam. Method: Students (N = 59) completed measures of test-related reassurance seeking behavior, other test anxiety-related constructs, and social anxiety-related constructs prior to taking the last in-class exam in their introductory psychology courses. Erasure marks on the bubble answer sheets were inspected to identify the number of spoiled answers. Results: Replicating results from a prior study, reassurance seeking predicted underperformance on the ACT. In addition, reassurance seeking predicted the number of spoiled answers on the in-class exam. Reassurance seeking did not predict irrelevant changes or corrections. Conclusions: Overall, these results provide additional evidence that test-related reassurance seeking is associated with performance on academic tests, and novel evidence that test-related reassurance seeking is associated with spoiling answers. ispartof: APPLIED ECONOMICS LETTERS vol:28 issue:3 pages:231-236 ispartof: location:England status: published

Given the changes made to the agricultural lending system since the 1980s farm crisis, we investigate the current effects of credit availability on land values. Using data from Federal Reserve Agricultural Credit Surveys, we measure credit availability and perform county-level panel fixed effects estimations controlling for land value determinants, credit availability factors, and county and macroeconomic factors. We build an indicator of increased credit availability and find that estimating farmland values with different factors of credit availability separately could mask combined effects. When conditions for credit availability increase or remain unchanged from the previous year, land values may increase by up to 25 percent. While higher credit availability may facilitate land acquisition, it can also put upward pressure on land values.

Purpose Oklahoma has seen rapid growth in the development of wind energy over the past decade. Residents are concerned about the negative impacts of turbines such as noise or their appearance. This has raised concerns about property values. Thus, this paper aims to examine and quantify the overall impact of wind turbines upon real estate prices in Western Oklahoma. Design/methodology/approach Sales prices and the history of approximately 23,000 residential real estate records for both platted and unplatted properties in five counties were examined prior to the announcement of construction, after announcement and after construction. A hedonic analysis was undertaken to examine the real estate prices of the properties near wind farms. Findings While there may be isolated instances of lower property values for homes near wind turbines, results show no significant decreases in property values over homes near wind farms in the study area. Similar results are found for the unplatted properties. Practical implications This paper highlights that in spite of mixed attitudes toward wind farms and misconceptions regarding the link between turbines and property values, Oklahoma’s growing wind industry can continue to thrive without negatively impacting nearby home and land values and prices. Originality/value Although there have been numerous studies examining the relationship between wind turbine locations and real estate prices, no study has combined the large quantity of records (over 23,000) as well as both platted and unplatted locations.

Using vacant land sales, we construct a land values index for Manhattan from 1950 to 2014. We find three major cycles (1950 to 1977, 1977 to 1993, and 1993 to 2009) with land values reaching their nadir in 1977, just after the city's fiscal crisis. Overall, we find the average annual real growth rate to be 5.5%. Since 1993, land prices have risen quite dramatically, and much faster than population or employment growth, at an average annual rate of 15.8%, suggesting that barriers to entry in real estate development are causing prices to rise faster than other measures of local well-being. Further, we estimate the entire amount of developable land on Manhattan in 2014 was worth approximately $1.74 trillion. This would suggest an average annual return of about 6.4% since the island was first inhabited by Dutch settlers in 1626.

This study explores the use of “teardown” sales to estimate the value of urban land. When a buyer purchases a property intending to tear down the existing structure and rebuild, the value of land can potentially be estimated as the purchase price plus demolition costs. There has been little exploration of teardown sales in cities around the country, or any explicit comparisons between the estimates of land values derived from teardown sales and those derived through vacant land sales. This paper undertakes just such an explicit comparison, analyzing approximately 3800 teardown sales and 4900 vacant land sales occurring in New York City between 2003 and 2009. The two approaches yield surprisingly similar estimates of the value of both parcel attributes and locational amenities. However, vacant parcels are disproportionately located in very distressed neighborhoods and tend to be valued less highly than teardown parcels, even in the same neighborhood. Teardown parcels appear to be more representative of the city as a whole and may be a more useful approach to developing estimates of land prices, at least in the central cities of large urban areas where sample sizes are large enough.

This study investigates the capitalization effect of intergovernmental fiscal transfers from central to local government into house prices. The extent to which unconditional fiscal transfers to municipalities in the Tokyo metropolitan area are attributed to land prices will be examined using the event of a drop in the size amount of fiscal transfers following the fiscal reform in the early 2000s. The result shows that the drop in the transfer has decreased the land prices in the municipalities. Furthermore, a reduction of one unit in the per capita grant decreased the value of housing area per capita by one or more units, even if the real discount rate was estimated to be as low as 2%. We can conclude that the fiscal transfer reform focused on in this paper had a more negative impact on the benefits of residing in a municipality in the area than the amount of the reduction.

We assess the effects of the 2013 CAP reform on the capitalisation of decoupled payments in land rental values. Our estimates suggest that the reform leads to an increase in the capitalisation of decoupled payments by an additional 18 cents for each Euro of decoupled payments relative to the pre-reform situation. However, there is an important variation in the reform effects between Member States (MS) particularly between Old Member States (OMS) and New MS (NMS). In NMS, the capitalisation rate slightly reduces from 83% in the pre-reform period to 79% in the post-reform period. Although, the rate is significantly lower in OMS, it doubles (from 21% to 43%) due to the reform. The main sources of the post-reform capitalisation in the European Union (EU) are the pre-reform capitalisation accounting for 69% of the total post-reform capitalisation, followed by the entitlement stock change with 19%, by the internal convergence of payments with 18%, the budget change (including external convergence) with 1%, and the differentiation of payments (redistributive payment) with −7%. Overall, our estimates suggest that on average in the EU, the non-farming landowners’ policy gains are 27% of the total decoupled payments in the post-reform period compared to 18% in the pre-reform period.

This study evaluates the farmland price forecasts provided by the Federal Reserve Bank of Chicago's Land Values and Credit Conditions Survey from 1991: quarter 1 (Q1) through 2016: Q1. Prior studies have demonstrated that similar surveys of agricultural bankers provide accurate predictions of the direction of future farm real estate values through qualitative forecast evaluation. This study extends the existing knowledge base by converting the qualitative responses to quantitative expectations. The quantified expectations are then subjected to additional forecast optimality tests, which suggest that the forecasts are unbiased but inefficient.

Land value gains attributable to the light rail system in Gold Coast, Australia, are estimated. Using a panel of statutory land valuations, a model of location-specific gains allowing for price effects at multiple distances from stations across time is estimated. Total value gains to nearby landowners are in the range $240-$314 million, around a quarter of the project's capital cost. Scope to fund transport investment from value gains is apparent, and the city council and the state government have the administrative structures to recoup funds from benefiting landowners. Exemptions and budgeting practices mean little is recouped in practice. [ABSTRACT FROM AUTHOR]

In conventional urban developments, land and property owners benefit from the uplift in land values that arises from the costly public investments by different levels of government in roads, water, sewerage, transport, education, hospitals and other services, as well as from private investments in production, trade, office, retail, entertainment, sporting and residential facilities. This paper describes the many benefits that come from cooperative land banks that make the development of new urban sites with infrastructure and services self-financing (reducing the need for public investment). They also lower the costs of housing and commercial investments by removing the cost of land. This is achieved by separating the ownership of land (now owned by the cooperative) from the ownership of buildings, and by making the rights of ownership conditional upon use (i.e. use it or lose it). Owners of dwellings get a “dynamic lease” that reflects the value of their investment and in addition obtain shares in the cooperative that capture the value of all sites and community assets. Cooperative land banks can also contribute to financing urban renewal initiatives, although, as the paper describes, this may need supportive legislation.

How can cities grow without harming the environment? Nicholas Falk and David Rudlin won the 2014 Wolfson Economic Prize by showing how to build New Garden Cities that are visionary, viable and popular. The principles were tested out first in York and then in Oxford, and are now being applied in a number of other cities. The basic idea is to use the uplift in land values to fund improved local infrastructure.

On the judicial basis of § 196 Baugesetzbuch (BauGB, 2018) every municipality in the Federal Republic of Germany must publish standard land values in €/m2 for its whole district area in a biennial cycle. The standard land values have to be derived comprehensively for different land use categories within this district. With the help of Geographic Information Systems (GIS) all the necessary data for the derivation of the standard land values can be analyzed. This data consists of cadastral information (ALKIS) (AdV, 2008) for each municipality district like streets, buildings, land parcels, areas of application for special building law as well as geocoded data about purchasing prices within the district’s real estate transactions. The following work contributes to both requirements, the statutory determination of the standard land values answering the legal necessity and the setting up of the generated geo data in the Web according to the transparency demanded by the European INSPIRE (Infrastructure for Spatial Information in Europe) directive. This report describes the implementation of the automated process of the setup of the relevant data layers based on ALKIS data in an Open Source GIS (QGIS) using SQL and Python scripts. The standard land values are visualized and presented in a Web GIS. After the evaluation of different alternatives, QGIS Server and Lizmap, an Open Source QGIS Web Client, were used for the web based presentation and accordingly configured.

Small housing has gained prominence in the housing market due to substantial shifts of both population and household structures in Korea. The study aims to examine the spatial clustering pattern of urban residential houses (URHs) in terms of the spatial statistics, and analyze the impacts of both locational and neighborhood residential factors on the formation of the spatial clustering pattern in the Seoul metropolitan area. It is found that the URHs represent a significant spatial clustering pattern based on the census tracts. The hotspots are mostly found in the outskirts of Seoul, where the development of small houses has been concentrated for ten years. Also, both locational and neighborhood residential factors have significant effects on the hotspot formation of the URH. The hotspots are more likely to be found in areas having many available sites for development, high demand for habitation, and high expected profits from developing small residences. Another significant factor is access to public transit, amenities, and employment centers. Therefore, it is necessary to design a rent subsidy program for potential residents and to encourage the development of housing in nearby hotspots with relatively lower land values. It is also important to establish policies and strategies for planning the housing supply and managing the residential environment in low-rise residential areas.

The temporal evolution of land values is conditioned by the reference macroeconomic framework and, more strictly, by the socio-demographic and productivity characteristics of the territorial study area. If these dependencies are widely recognized in the literature, on the other hand, the correlation levels between the variables at stake, especially in relation to the parameters of the survey area, are not investigated in quantitative terms.

La implementación de proyectos de transporte mejora el acceso y movilidad urbana, influenciando las decisiones de localización de las personas y las empresas. Así también, genera impactos en el entorno, los cuales pueden ser positivos o negativos. Entre los posibles impactos, se destacan las fluctuaciones en el valor del suelo. El objetivo de este artículo es relatar el proceso y los resultados de un estudio exploratorio realizado para recopilar datos acerca de los precios de oferta de venta y de alquiler de propiedades de uso residencial y comercial, en función de la distancia a un nuevo sistema de transporte de tranvía en Cuenca, Ecuador. Los datos se levantaron en noviembre de 2017 utilizando la herramienta Kobo Toolbox y llamadas telefónicas, luego se analizaron a través del modelo de precios hedónicos. Los resultados mostraron que los precios de alquiler de las viviendas aumentan a medida que su ubicación se aleja del eje principal del sistema (aún en construcción al momento de la toma de datos) y que, por el contrario, los arriendos para propiedades comerciales aumentan cuando hay con una mayor proximidad al eje. Con respecto al precio de venta de las propiedades residenciales o comerciales en función de esta distancia, no hubo evidencia de cambios. Estos resultados pueden deberse a las obras civiles, sin embargo, constituyen una interesante primera aproximación a la temática que deberá ser contrastada con estudios históricos y futuros (cuando el tranvía se encuentre operando).

The value of land is determined by the locations’ attractiveness and the degree of direct land use regulation. When regulations are binding, e.g., when a restriction on the maximum floor area ratio exists, the land price can be directly expressed as a function of the maximum floor area ratio and local amenities. We show theoretically and empirically how this approach can be used to determine land values from rental prices of residential structures built upon that land. From our empirical results, we derive two main sources for a monocentric structure of land prices. First, the location attractiveness of centrally located dwellings makes land prices more expensive. Second, as the maximum floor area ratio is high in central areas, the regulation works as a multiplier for land prices and inflates prices accordingly. Our model gives insights into the determinants of urban land prices and provides a useful approach for land appraisal in regions where land transactions are scarce.

This Viewpoint posits that cities need to rediscover financial models that direct land use to prepare for climate change. Research into Land Value Capture is needed to identify how land values are changing in light of climate change and how land-based finance can better support cities at risk.

Farmland values have traditionally been valued using seasonal temperature and precipitation but degree days over the growing season offer a more compact alternative. We find that degree days and daily temperature are interchangeable over the growing season. However, the impact of degree days in spring and summer is quite different. Climate effects outside the growing season are also significant. Cross sectional evidence suggests seasonal temperature and precipitation are very important whereas temperature extremes have relatively small effects.

Identifying and measuring the land value uplift (LVU) impacts of rapid transit are important for a number of reasons. However, despite the general notion that rapid transit does confer positive LVU benefits, our comprehensive and critical review of more than 130 analyses across 60 studies completed in North America over the past 40 years finds significant heterogeneity in research outcomes, leaving many significant questions unanswered. Beyond high-level differences in study inputs, we argue that a fundamental source of variability is a lack of empirical specificity from the use of proximity as the dominant way in which LVU benefits are captured. This use of a proxy leads to the potential for omitted variables and unobserved relationships, and exposes previous work to the potential for misvalued results. To overcome this issue, we outline recommendations for future research, namely a recognition of relative accessibility and the possibility of LVU impacts from transit-oriented development. Incorpo...

Rapid urbanization has become an increasingly serious issue worldwide. While most previous studies focused on two-dimensional urban development, the spatial characteristics of building heights are rarely explored. Such information could provide valuable implications for smart urban planning and management. However, previous attempts did not systematically investigate the spatial factors that influence building heights and their associations with urban development. Therefore, this study developed a machine learning-based method to compare the distributions of building heights in Guangzhou and Shenzhen, two cities with different development patterns. First, we collected detailed information on the buildings, such as the location and land values. Second, the height of each building was simulated based on the above information using the well-known random forests, k-nearest neighbor algorithm, and artificial neural network. The random forests algorithm outperformed the other two in both cities. We also found that the commercial land value is the most important factor associated with building heights. Moreover, the building heights in Guangzhou are more sensitive to the distances to administrative centers, while the distances to transportation networks exert stronger influences on the building heights in Shenzhen. Overall, these findings could support urban planning and management. More importantly, the proposed method can be used to predict the heights of new buildings and investigate the distributions of building heights in other regions.

Market participants need a variety of relevant market data for purchases and sales decisions. The higher the degree of information is, the more market transparency exists. Land value is one of the most important indicators and is often used to represent the location. Based on the knowledge of public valuation expert committees, information for determining land values is highly dependent on purchasing price data in Germany. Nevertheless, project developers are aware of the fact that land values represent only part of the location. Hence, land values are also affected by further representative characteristics, which reflect location within a territory. Different criteria like economic situation or social conditions are the focus of consideration. However, great difficulties are caused by the complexity of the available data. Furthermore, not all valuation experts use the same methods of calculation and weighting. A consistent method of determining land values nationwide for all locations improves market transparency. Providing a comprehensive decision-making basis for all market participants and the public sector enables the optimal management of spatial developments. The practical implication of the concept is illustrated using the case of Germany.

The public transit financing methods in Egypt are mostly dependent on governmental entities, which increase national economic burdens, without any correspondent impact on the quality of service provided nor their provision. An alternative way of financing must be integrated without an increase in fares, and general budget, or dependence on foreign loans, and grants. This funding problem has further become a spectacular challenge, to link the new cities with existing ones. From another perspective, public transit eventually poses economic influences on land values surrounding their context that increase incrementally. Yet, this increment is commonly captured by landowners and private developers, and can be rationally used to cover the initial public transit costs if the construction phase which is preceded by a pre-planned framework to capture this increment in favor of the community through related governmental authorities and decision makers. This mechanism is referred to as “land value capture: LVC.”

Cities grow in layers over time. As population and land values increase, older, smaller buildings are replaced with higher density, higher value structures. However, direct costs of redevelopment and institutional barriers such as zoning may constrain replacement of older structures, leading to alternate forms of supply adjustment. In this paper, I use data on building permits in Washington DC to examine three different forms of residential investment: new construction, expansion of existing structures, and renovation. Results suggest that new construction accounts for a relatively small part of residential investment and is highly concentrated in a few neighborhoods. Expansions and alterations of existing structures are more frequent and more evenly dispersed across space. Additions and alterations are more prevalent in neighborhoods with high property values and older housing. The location of new construction is more idiosyncratic.

The purpose of this research was to ascertain the correlation between infrastructure development and land values within the study area. The land values for ten years period was used for the research study. The descriptive research that was employed was the quantitative design method. A sample size of one hundred and fifty - four (154) respondents of the Ogun State Property Investment Company (OPIC) was employed which included; employees, residents of the estates, property brokers and others. Analysis of data was by the use of percentages, frequencies, mean score, rank correlation and Pearson’s correlation coefficient. From the analysis it showed that infrastructure had improved within the last ten years. Furthermore results showed that the state of infrastructure within the study area was most improved in the year 2013 and also ranked the highest in the level of infrastructure development. The research findings revealed that the development of the roads did have a positive impact by increasing land values. This study hereby recommends that the Government should further invest and improve the level of infrastructure as it would be beneficial to the economy at large.

Agricultural marginality is a multifaceted issue, being related to place-specific socioeconomic contexts and highly-variable technological conditions. The coexistence of different classification systems of these variables makes hard any attempt to have a general definition of agricultural marginality. Moreover, the spatially explicit identification of marginal lands is still challenging mostly due to the lack of reliable data sources at both country and regional scale. Accordingly, this paper evaluates the degree of economic marginality of agricultural land, using Italy as a representative case study for southern Europe. A spatial analysis of farmland profitability and constraints for agricultural activities (topography and biodiversity conservation) is proposed to identify three classes of agricultural land, namely ‘unsuitable’, ‘supramarginal’ and ‘marginal’ lands. Results show that almost 39% of agricultural land in Italy can be classified as ‘marginal'; its spatial distribution and characteristics are also analyzed and discussed in relation to different background conditions. The proposed approach provides a valuable methodology supporting land-use planning and decision-making under restricted geo-spatial data availability.

Shanghai, one of the world’s largest cities, is known for its astounding economic growth and rapid urbanization. Since the Pudong New District was established, Shanghai has experienced record-breaking population growth, and most likely, the fastest urban development in human history. Within a span of 25 years, it has built the most miles of Metro track, creating a system that competes among the leading public transportation networks in the world. The majority of the city’s new developments are transit oriented. As the outskirts of Shanghai have continued to grow, the municipality has prioritized building public transportation first, followed by incubating new town developments around transit stations. Xinchang and Zhoupu are two suburban towns that have recently benefited from the new Metro Line 16, which opened in late 2015. Both were considered suburbs in the past, but now they are linked to the downtown area of Lujiazui, which is Shanghai’s financial district. As a result, land values around the new Metro stations have increased sharply.

This paper evaluates the effect of property rights on property values in Peru. Previous research on squatting has shed light on how the provision of formal land titles affects a number of socioeconomic outcomes and a subset of this research has provided estimates on how the provision of formal titles affects property values. However, the phenomenon of squatting encompasses a variety of informal property rights distinct from the possession of a legal title. Using an exceptionally rich household data set including geo-location at the community level we study the effects of both formal and informal property rights on property values. Having a title increases property values by almost 7 percent and squatting on the land by invasion reduces values by about 6 percent. Using these estimates, we determine the potential losses of property tax revenue and are able to study the issue of squatting in the context of public finance.

The subdivision of suburban lots to accommodate additional dwellings has been one of the most popular mechanisms for achieving urban infill in Australian cities. This is certainly the case in Perth where the subdivision of individually owned residential lots still accounts for approximately 80% of all infill dwellings created. These ‘successful’ piecemeal intensification projects are permitted through the up-zoning of existing suburban areas and encouraged through changes to strata subdivision legislation and increasing land values. They are evidence of some alignment between the supply and demand sides of the infill housing equation – a necessary, and yet somewhat elusive condition in today's economic landscape. Local governments are, however, somewhat reluctant to continue to facilitate this process of residential intensification, despite sustained pressure to increase infill dwelling numbers, citing poor outcomes in terms of the resulting qualities of the residential environment as a chief reason. How ...

Transit-oriented design (TOD) – an increase in density around transit stations – has arisen in many of Australia’s capital cities as a way to encourage mass transit ridership as well as to efficiently utilize the increase in foot and vehicle traffic that transit stations create. However, the implementation of TODs in Melbourne has faced strong opposition due to residents’ perception that the disamenities of a TOD will outweigh the benefits resulting in negative impacts on property prices. This research analyzes the relationship between proximity to a TOD and residential home prices. Results indicate that proximity to a TOD is positively related to property prices, even after controlling for neighborhood factors such as street connectivity and overall land use mix. By testing a variety of transformations of distance, we find that the benefits of TOD proximity extend approximately 1250 m from the Box Hill station. From a methodological standpoint, we find that more flexible treatments of distance variables ...

In this article we present a model to examine the optimal location, size, and budget of open space conservation and the resulting impact on land values and local fiscal conditions in an urban area. Results indicate that open space conservation can transform the defining features of an urban landscape. A well-designed open space conservation program can improve municipal services, increase total property values, and attract households to the city without substantially increasing tax burdens, while an improperly designed open space program can have the opposite effects. Results also reveal the key parameters that determine the optimal location and size of open space conservation and their fiscal and land value effects.

This is a trans-country investigation of the provision of bus terminals as sign structures that may affect their subjectivist recognition and hence design. In relation to real estate and commercial development, they are to be understood as socially significant civic spaces. The incorporation of public bus terminals into private developments can be used as a measure of the pressures occasioned by the commodification of land as ranked in terms of land values. This tends to put bus terminals out of sight and further diminish any public support for their conservation.

This study examines the impacts of the new mass transit systems on the land values of residential development in the Bangkok Metropolitan Region, Thailand, using geographic information systems and spatial econometrics. The study finds that the proximity to mass transit stations spatially correlates with an increase in the prices of residential land. The benefits of the new mass transit stations, however, may not be equally distributed to the residents of Bangkok due to the lack of value-capture mechanisms such as a capital gains tax or a property tax. Policy implications regarding property taxation are also discussed.