Effect of working forest conservation easements on surrounding property values

The hedonic pricing method was applied to examine the effect of working forest conservation easements (WFCEs) on the value of surrounding land parcels in state of Georgia. Data were collected on attributes of WFCEs in 62 counties and 46,580 property sales occurring from 2001 to 2018. Results suggested that one size did not fill all and that the type of property (agricultural, commercial or residential) near a WFCE played a large role in determining potential price effects of land cover types and other attributes. Additionally, an increase in the age of the nearest WFCE had a negative price effect on surrounding properties. This research could be used in strategic management decisions to maximize both conservation and economic outcomes.