Impact of Zoning and Archaeological Legislation on Land Values in Kandy Municipal Council Area: A Hedonic-type Analysis

This paper uses valuation data from Quotable Value New Zealand to examine changes in the value of the rural land in New Zealand between 1989 and 2003. The value of rural land reflects the profitability of agriculture as well as the returns to alternative land uses, and has a large impact on the prosperity of rural areas. The paper highlights the importance of both changes in land use and changes in the value of land in different uses in explaining overall changes in land values. It also examines the relationship among productive characteristics of the land, the local climate, various local amenities, and changes in land values and land use to better understand what factors have been driving overall changes in the value of rural land across New Zealand. We find that the real value of rural land in all uses increased substantially over the years being examined. Land use in rural areas also changed considerably during this period, but these changes in land use were essentially uncorrelated with changes in land values. Our regression results indicate that rural land values increased the most in less populated areas with good climates and local amenities. Initial land use also plays an important role in explaining the variation in changes in rural land values with greater increases in land values found in areas with more land initially devoted to urban uses and commercial forestry, and less land initially devoted to horticulture and lifestyle uses.

This paper uses valuation data from Quotable Value New Zealand to examine changes in the value of the rural land in New Zealand between 1989 and 2003. The value of rural land reflects the profitability of agriculture as well as the returns to alternative land uses, and has a large impact on the prosperity of rural areas. The paper highlights the importance of both changes in land use and changes in the value of land in different uses in explaining overall changes in land values. It also examines the relationship among productive characteristics of the land, the local climate, various local amenities, and changes in land values and land use to better understand what factors have been driving overall changes in the value of rural land across New Zealand. We find that the real value of rural land in all uses increased substantially over the years being examined. Land use in rural areas also changed considerably during this period, but these changes in land use were essentially uncorrelated with changes in land values. Our regression results indicate that rural land values increased the most in less populated areas with good climates and local amenities. Initial land use also plays an important role in explaining the variation in changes in rural land values with greater increases in land values found in areas with more land initially devoted to urban uses and commercial forestry, and less land initially devoted to horticulture and lifestyle uses.

Examining Changes in the Value of Rural Land in New Zealand between 1989 and 2003

Value uplift from transit investment-Property value or land value? A case study of the Gold Coast light rail system in Australia

The Valuation of Urban Land: Comparison and Critique of Three CAMA Methods

Transport and environmental policy in the European Union and within the UK is increasingly concerned with the harmful effects of traffic. Stringent controls on car use in particular are being proposed and implemented. In the UK, for example, these controls include the exclusion of cars from certain streets and areas, road pricing and taxing of workplace parking. These restrictions must be implemented in parallel with investment in public transport in order to maintain levels of accessibility. Accessibility is a key determinant in the location decisions for a range of land uses. There is growing interest among policy-makers in how transport policy and the general rise in traffic congestion may affect land and property values by altering the pattern of accessibility in terms of transport mode, infrastructure provision and cost. In terms of transport influence on land and property values, new transport infrastructure may increase residential property values due to improved accessibility and increase commercial property values due to improved accessibility and possible agglomeration benefits. Previous research has suggested that lower transport costs will result in higher land and property values. This may be a reasonable hypothesis when considering an individual piece of infrastructure but may not be valid if the project has a significant impact on transport costs/accessibility in the city/region as a whole. Other research has shown that new transport infrastructure may shift values rather than increase aggregate land value. Therefore, the potential for redistribution of land and property values is a key issue. Furthermore, investment in public transport is being promoted as a positive means of tackling traffic congestion. Therefore, another key issue is whether the characteristics of the improved accessibility that will come from better public transport is equal or better to the accessibility that is lost due to increasing restraint on other modes as measured in terms of property values. Research at the University of the West of England, Bristol, UK is determining whether there is a relationship between investment in transport infrastructure and land and property values. Current research is establishing a methodology that will attempt to identify a relationship between accessibility and land and property value. In doing so it will be necessary to look for a relationship at the city/region level and at the local level. This will capture any relative shifts in values across the city/region as well as any absolute shifts in values near the transport improvement itself. This paper will present the findings of the literature review undertaken as part of the research project which examines academic literature, official publications from central and local government and published reports by transport consultants relating to infrastructure investment, property value and land use change. Specifically the review; / considers the emerging transport framework and its potential impact on the property market, / examines the classical theories of the relationship between the location of urban land uses and values, / provides a critique of empirical urban rent and price determination studies with an emphasis on studies of locational influences on property values and transport influences on property values in particular, and / examines techniques used to assess new public transport investment and identify any consideration of land and property values in these techniques. The paper will then outline the methodology of the study devised to link an urban rent determination model to an accessibility model. This will test whether there is a relationship between accessibility and land and property value and whether it is robust enough to handle significant changes in accessibility patterns.

The present use is often the criterion by which the monetary value of land is assessed. But present use is not the only index of the value of land and it is not always the best. In the West Indies as elsewhere, anomalies between land potential and existing use arise for a variety of reasons: for example, bad management and prac? tice resulting in soil erosion, wilful under-development by some land owners, and also under-development through lack of capital or labour, or lack of marketing facilities for produce. Academic assessments of basic land values mostly concentrate on maximum potentiality or capability and, either in spite of, or more likely because of it being an under? developed area, the West Indies are being slowly but surely covered by thorough soil and land classification surveys. In the British West Indies the work is coordinated and carried out by the Regional Research Centre at the Imperial College of Tropical Agriculture, several of whose monographs have already been published. In Jamaica, not only are thorough soil surveys well advanced and good quality soil maps being produced, but, since 1954, following the work of J. G. Steele (1954), the results ofthe soil survey have been used to classify categories of land according to their capability for use, based on soil group, slope class and climate. Seven major classes are dis? tinguished, three of them suitable, one marginal and three unsuitable for cultivation by tillage. Subdivisions are made on a basis of slope, danger of erosion, poor drainage, shallowness of soil or rainfall deficiency. Applying these to twenty-four soil groups, some sixty land capability units have been distinguished (Steele et al., 1954). In greater detail, for each of some 300 soil/slope types, a Technical Guide Sheet has been pre? pared by the Agricultural Chemistry Division, describing the soil, slopes and suitability of land for cultivation, together with recommendations for cultivation, crops and fertilizers. These are enumerated simply to show that the basic agricultural value of the land should, therefore, be well understood in qualitative terms. But seen from a completely different viewpoint, it may be conceded that in the simplest financial terms the value of land is no more nor less than the price commanded and recently paid for it. These are two extremes of approach?one, academic and physical (with whatever practical applications), and the other matter of fact and financial. Obviously the two are not entirely disconnected, for if they were, systematic land valuation would have no justification. Yet rarely are the two considered together by geographers. Land use surveys frequently take note in general terms of enhanced costs of land and higher values existing, for example, near and within large towns, or within easy access to means of transport and communications. But the difficulties of obtaining price data on a uniform and complete basis for whole areas, either urban or rural, in most cases preclude comprehensive studies. Interest therefore attaches to the land valuation system now being worked out in Jamaica, for it combines the two approaches and considers both aspects for the practical purpose of land taxation for property tax and rates. On the one hand and at the outset, analysis is made of all fairly recent sales of land and property in any area that is being assessed. From the sales price is first deducted the value of all improve? ments, and these normally include all buildings, and out-buildings, water supply, irrigation and drainage works, contour banks, growing trees and crops, property roads, etc, and in some cases allowance is made for the cost of cleared or partially cleared land. The remaining sum is allocated proportionally between each class of land found on the property. (Obviously the sales of properties of a single soil type are very important as yardsticks for the value of that particular type of land.) Classifica? tion is by land capability; the soil and slope category of each class is listed separately,

The developed, innovative method of estimating the impact of motorway on agricultural land allows determination of all the losses associated with the directions of this impact. The basis for the determination of losses is the analysis of variability in land use and the quality classes and location of access roads to the land along the axis of the planned motorway. The approved measure of the multidirectional impact of the motorway on agricultural land is a change in the value of land, which is designated taking into account the differentiation of their suitability for agricultural production. The developed method of determining the impact of motorway on agricultural land was presented on the example of A4 motorway section between Bratkowice and Mrowla. The existing section of motorway was assessed and then for the same section the calculations were made again, but with an alternative location of the motorway overpasses. In the case of the existing section, the construction of one kilometer of the section of motorway under consideration will result in a reduction in the value of agricultural land of 1725 cereal units. Acquisition of land for the construction of the motorway and its negative impact cover about 69% of the total reduction in value of agricultural land. The remaining 31% of the land value reduction is related to the increase in transport and the deterioration of the parcels layout. On the other hand, in the case of the section with alternative arrangement of viaducts, the value of agricultural land is reduced of 1538 cereal units. Acquisition of land under construction and its toxic impact will be equal 75%, while the combined effect of transport growth and deterioration of the layout makes 25%.

The developed, innovative method of estimating the impact of motorway on agricultural land allows determination of all the losses associated with the directions of this impact. The basis for the determination of losses is the analysis of variability in land use and the quality classes and location of access roads to the land along the axis of the planned motorway. The approved measure of the multidirectional impact of the motorway on agricultural land is a change in the value of land, which is determined with taking into account the differences of their suitability for agricultural production. The developed method of determining the impact of motorway on agricultural land was presented on the example of A4 motorway section between Jaźwiny and Góra Motyczna. The existing section of motorway was assessed and then for the same section, the calculations were made again, but with an alternative location of the motorway overpasses (flyovers). In the case of the existing section, the construction of one kilometer of the section of motorway under consideration will result in a reduction in the value of agricultural land of 2119 cereal units. Acquisition of land for the construction of the motorway and its negative impact cover about 78% of the total reduction in value of agricultural land. The remaining 22% of the land value reduction is related to the increase in transport and the deterioration of the plots layout. On the other hand, in the case of the section with alternative arrangement of overpasses, the value of agricultural land is reduced of 2088 cereal units. Acquisition of land under construction and under motorway’s toxic impact will be equal 79%, while the combined effect of transport growth and deterioration of the layout makes 21%.

Hedonic modeling is commonly used in land and property value estimations in an attempt to identify the impact that various attributes have on the market value of that property. The purpose of this study is to examine the factors contributing to land value of agricultural, forest, and residential properties in Yamhill County, as part of the Spatial Ecosystem Services Analysis, Modeling, and Evaluation (SESAME, http://www.pdx.edu/ecosystem-services/) project. This paper discusses the process and preliminary results of the development of hedonic models that will be utilized for predicting land value changes under future land conversion scenarios. Applying the models to future scenarios will provide insight into the effect that land conversion will have on market value of land in Yamhill County, in order to elucidate one component of the total land value in the area. Numerous studies have performed hedonic modeling in order to provide greater understanding of the non-market ecosystem service values that are contributing to land values, and it is necessary to have baseline information on the value of environmental attributes in order to identify potential policy and planning activities that can preserve these values. Current methods for assessing the value of non-market ecosystem services are mostly in development stages, with few widely-accepted approaches. Utilizing hedonic modeling and other revealed preference techniques may provide valuable insight into the contribution of nonmarket goods and services, in order to ensure they are adequately accounted for in planning and management decisions. UNDERSTANDING THE DRIVERS OF LAND VALUE ii

Investment in public transportation is an essential solution to reduce car traffic and improve transport sustainability in a high-speed urbanised context. In an age of global fiscal restraint, the re-emergence of a bus-based transport mode, Bus Rapid Transit (BRT), has generated great interest from urban planners and governments, since it provides high quality transit services, with less expenditure and flexibility advantages compared with other modes. On the other hand, researchers and practitioners have shown interest in the value BRT can add to urban real estate prices, since Land Value Capture (LVC) is increasingly seen as a potential way to finance transport projects.However, the extent to which the improved accessibility due to BRT can be capitalised into property values (and therefore underlying land value) remains controversial and has not been studied comprehensively. This research provides an enhanced understanding of BRT’s impact on property values, by drawing on the BRT system in Brisbane, Australia.This thesis documents the first meta-analysis of 23 empirical studies that estimate the amount of land value uplift (LVU) that is attributable to BRT. The results identified several factors that were found to have a statistically significant impact on estimated LVU from BRT investment, including the BRT system life cycle maturity, the geographical location, the type of research area (land or property), the reported value (sale /rental /assessor price), the distance to the BRT station and the method used for analysis.This research contributes to the literature by adding the evidence of BRT impact from the city with low density, high car ownership and limited variation in socio-economic status, as in the country context of Australia, using the South East Busway (SEB) in Brisbane, as a case study. The results show there is a positive effect of access to SEB stations, but a more substantial negative effect of immediate proximity to the SEB corridor. The area with the strongest value-added effect is approximately 1600m to the BRT corridor, which demonstrates the convenient feeder line services in the open-system SEB network and the Park-and-Ride services available in BRT stations could contribute to a wider appreciation area of SEB accessibility.Few relevant studies in this field consider that a BRT operation mechanism could impact the capitalisation effect. To better understand BRT operation, this research employs a visual analytic approach to determine how Brisbane’s open-system BRT facilitates daily mobility, based on smartcard data. Web Graphics Library (WebGL) techniques are employed to produce 3D web maps that visualise the trajectories of all the BRT passengers, to provide an overview of catchment areas and passenger volumes. The results show that feeder line stops are important for increasing network accessibility for Brisbane’s open-system BRT. This validates that feeder line stops should be considered when examining the BRT property value impacts.A hypothesis is then formulated that the improved accessibility, due to an open-system BRT network, results in higher property values within feeder line catchment areas. Feeder line stops were selected and included as part of the open-system BRT, based on analysis of smartcard data. A Geographically Weighted Generalized Linear Model (GWGLM) was used to examine the property values impacts. The results identified property value uplift of up to 1.64% for every 100m closer to feeder bus stops with frequent services in western and eastern Brisbane suburbs, which confirms the hypothesis.This research contributes to the literature relating to the method of predicting property value uplift for future infrastructure. Although many LVU studies have been motivated by LVC implementation, current studies are less than helpful for practical LVC implementation as there is a knowledge gap in how to estimate the LVU prior to the transport project. This is important as a pre-investment reference to formulate LVC strategies. The prediction method proposed in this study has the potential for broader application in prediction of property value uplift from future infrastructure across other urban planning contexts.In summary, this research contributes to an understanding of the impact of BRT on property values and it is also significant in advancing the practice of LVC strategy for raising public transport funding through land and property value gains.

A strong need exists to increase the knowledge and recognize the values of neighborhood services. This paper makes an attempt to examine the impact of neighborhood services on land values, through analysis based on results obtained from multi linear regression analysis. This case study was done in area of dense urban settlement to check the consequence of neighborhood services through the hedonic pricing model base variables which include the structural, locational, community and neighborhood services. The regression coefficient was checked at (p < 0.05) level of significance for each variable. The primary data was collect through the questionnaire filling by random sampling and Punjab Urban Gazette was used for the verification of land values in study area. The results found a valuable potential on land and property values of neighborhood services through the regression analysis results express through R (0.926), R2 (0.856) and coefficient tables to represent the effect of each individual variable on property and land values. Every individual variable play role in defining the values of land and property based upon its utilization such as larger the structure of a property, more the covered area, larger size of a property more the land area higher price. Similarly, for locational factor study in geography, a piece of land adjacent to the road have high land values 50–70% compare to those located at distance. Very less attention has been paid on such issues in the world due to lack of effective urban planning and research on such crucial issues. If empirical studies on such issue has been done, effective way can be obtained for urban planning.

The digital economy is fundamentally transforming urban landscapes by disrupting traditional relationships between land use and land value. This scoping review aims to examine how digital transformations alter urban activities, human behaviours, and mobility patterns, and to assess the subsequent impacts on land use planning and land valuation frameworks. Following PRISMA guidelines, Scopus, Web of Science, Google Scholar, and ProQuest databases were systematically searched for peer-reviewed articles published between 2019 and 2024. Inclusion criteria comprised empirical studies, theoretical papers, and case studies examining digital economy impacts on urban land use or land value. Grey literature, non-English publications, and studies without clear urban spatial implications were excluded. The data were synthesised using bibliometric analysis and thematic analysis to identify patterns of disruption across three domains: urban activities, behaviours, and mobility. Of the 512 initially identified articles, 66 studies met the inclusion criteria. The evidence demonstrates significant geographic bias and methodological limitations, including the scarcity of longitudinal studies tracking actual land value changes and inconsistent metrics for measuring disruption intensity. Despite these limitations, findings indicate that the digital economy is decoupling land value from traditional determinants, such as physical proximity to services and employment centres. These transformations necessitate fundamental revisions to urban planning frameworks, land valuation models, and regulatory approaches to ensure equitable and sustainable urban development in the digital age.

Valuing Urban Land with Land Residual and Option Value Methods: Applications to House Price Dynamics and Volatility

Separating urban land and structure values is important for national accounts and for analysis of real estate risk over time. A large part of the literature on urban land valuation uses the land residual method, which relies on the assumption that structures are easily replaced. But urban land value depends on accessibility to nearby land uses, implying that infrastructure and the slowly changing built environment are the most important components of land value. Investments in structures are only slowly reversible, implying that land and structure function as a bundled good whereas land residual theory severs the connection between land value and structure value over time. We develop a simple theoretical model that includes option value and compare to a nested land residual model before and after a shock to values. Cross-sectionally our model shows that land residual theory overestimates structure value. Over time almost all of any change in property value is allocated to land residuals. Data from Maricopa county, AZ, 2012–2018 strongly support option value models when nested within a general model that also includes land residuals. FHFA estimates use entirely different cost estimation methods: our analysis of FHA data suggest that our conclusions generalize to the U.S. as a whole, and that high and rising land value ratios over 50 years (the “hockey stick” pattern found in the literature) are likely an artifact of the residual model.