Land Prices Research Articles

Residential Land Prices Changes and Tourism Development in Watukarung Village Pacitan Regency Within Local Communities Perspective

Tourism objects in Pacitan Regency are increasingly diverse and attract tourists from within and outside the region to visit. The price of residential land is one aspect that has also changed along with these developments. The phenomenon of changes in land prices also occurred in Watukarung Village. This study aims to analyze changes in the price of residential land and its relation to tourism developments that occurred in Watukarung Village based on the perceptions of the local community. The method used is qualitative with data collection techniques in the form of in-depth interviews. The data from the interviews were processed using data reduction techniques so that a unit of information was obtained which could then be analyzed descriptively qualitatively. The accuracy of the data obtained was tested using a data source triangulation technique that compared the results of one informant with another. The result shows that the development of tourism has attracted foreign tourists to come and buy residential land in Watukarung Village. The price of residential land by the beach was originally around IDR 300,000/m2 increase to IDR 1,000,000 to IDR 1,500,000/m2. Based on the perception of the local community, the significant increase in the price of residential land is closely related to the development of tourism that has taken place in Watukarung Village. However, there are also people who have the perception that rising residential land prices and tourism development have no direct relationship.
 Keywords : Land Prices; Settlements; Tourism Development
 
 Copyright (c) 2023 Geosfera Indonesia and Department of Geography Education, University of Jember
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PROSPECTS FOR THE USE OF ACTIVE ASPIRATION ALARM SYSTEMS IN FIRE SAFETY SYSTEMS OF MANY-STOREYED HIGH BUILDINGS

At present, multi-story high-rise buildings are becoming one of the most widely used buildings in cities. Now it is very difficult to imagine urban architecture without them. The increase in the urban population in cities is the result of an increase in the level of urbanization. As a result, the price of land increases due to the lack of free land in cities. Thus, the construction of multi-story buildings has become an inevitable solution to this issue, but this, in turn, has led to new problems. Depending on the purpose, composition, and number of technical systems, multi-story buildings are complex engineering and technical objects. On the one hand, the use of engineering and technical systems leads to an increase in the standard of living of people living standards, but they are also the main causes of new problems. For example, high-rise buildings are quite large consumers of electrical energy, both as objects and as subjects of these buildings, and this, in turn, leads to an increase in the likelihood of a fire in them. To prevent such undesirable cases, one has to use fire safety systems, one of the components of building automation. One of the main responsibilities of fire safety systems is to determine the initial stage of ignition and quickly detect its source, only, in this case, it can be eliminated or at least localized. The life and property of people can be protected. The main purpose of this article is to consider the currently unused active aspiration system in multi-story high-rise buildings as an alternative to currently used systems to improve efficiency in terms of fire safety. The article includes the appointment of an active aspiration system, the principle of operation, and the main characteristics, and functions of those designed for early fire detection. In addition, several options and a comparative analysis of an active aspiration system are considered to create a highly efficient fire safety system for high-rise buildings. Keywords: fire protection systems, smoke exhaust systems, fire protection sensors, aspirator alarm systems, automatic building systems.

The Most Expensive Agricultural Land Prices in Europe: An Economic Analysis of Tenerife, Canary Islands, Spain

Agriculture in the Canary Islands has greater limitations than in the rest of Spain due to the cultivation areas being geographically limited and the abrupt orography of the archipelago. As a result, in certain situations, tillage of the land is more complex and costs increase. This study focuses on the island of Tenerife and aims to identify the determining variables that directly affect the price of agricultural land, considering the type of crop. For this purpose, a survey was designed for farm managers on the island of Tenerife and, after analysing the responses, we focused on tubers, legumes, vineyards, bananas, and cereals. A multilinear regression model showed that the highest land price corresponds to those farms destined for banana production, with a value of 16.52 €/m2. The price of agricultural land on the island of Tenerife was found to be eight times higher than the European average. The main factors impacting this value are irrigation, the orography of the land, and the presence of farm buildings.

Regional Disparity in the Educational Impact of COVID-19: A Spatial Difference-in-Difference Approach

The transmission of COVID-19 suddenly shifted most school classes to online lectures, and these unexpected changes often exacerbated existing imbalances by region and school. Our study used land price data as a proxy for regional wealth and empirically examined the inflation of education inequality between the areas with high and low land prices during the COVID-19 pandemic in South Korea. The gaps in the average high school Math and English scores between 2019 and 2020 (Y1 effect) and 2019 and 2021 (Y2 effect) are used as the main educational outcomes. We utilized the spatial difference-in-difference (DID) method to reflect the spatial autocorrelation on the school-level distribution of the score changes. The impact of the online class conversion on student performances was found to be significantly different between the regions with low and high land price and was more noticeable for the Math score during the first year of the pandemic. During the second year of the pandemic (2021), the scores increased in both regions, but the regional gap remained persistent. Evidence-based policies should be implemented to enhance regional educational conditions and resources, which, in turn, should prevent educational inequality across the regions stemming from the conversion to online classes.

Spatial‐temporal evolution characteristics of residential land prices based on the 2010–2019 land transfer data in China

AbstractStudying spatial‐temporal change in residential land prices (RLP) can help implement real estate regulations to promote the healthy development of the residential land market. This study applied the urban scaling law to explore the spatial‐temporal pattern of RLP from 2010 to 2019 in China. We found rapid growth in RLP across China from 2010 to 2019, with a growth rate of 179.12%. Among them, the Eastern Region had the highest RLP and growth rates. Furthermore, differences in RLP between large cities and small‐medium cities widened, indicating a trend of the Matthew effect in prefecture‐level cities. Moreover, the scale‐adjusted metropolitan indicator (SAMI) indicated urban agglomerations including Beijing‐Tianjin‐Hebei (BTH), Yangtze River Delta (YRD), Guangdong‐Fujian‐Zhejiang Coastal (GFZ), and Pearl River Delta (PRD) located in the Eastern Region had higher RLP than urban agglomerations with the same population size. In addition, the SAMI also highlighted disproportionately high RLP in some small‐medium cities compared to equivalent cities, warranting regulatory policy attention.

Do local governments capitalise on the spillover effect in the housing market? Quasi-experimental evidence from house purchase restrictions in China

This study used the house purchase restriction (HPR) policy applied between 2016 and 2017 in China to investigate whether local governments actively capitalised on the spillover effects induced by housing policy in adjacent cities. The difference-in-differences (DID) model was employed to estimate the spillover effects of HPR policy on land and bond markets for treatment cities and control cities. After implementation of the HPR policy, land conveyance area and land revenue in unregulated cities adjacent to regulated cities, increased by 32.4% and 47.3%, respectively, relative to nearby unregulated cities not adjacent to regulated cities. The issuance volume of urban investment bonds, which heavily relies on land price and revenue, in unregulated cities adjacent to regulated cities, increased by 163.5% in comparison with nearby control cities and the yield spread of newly issued bonds decreased. Overall, this study indicates that local governments actively capitalise on the spillover effects induced by housing policy in adjacent cities.

Transmission of housing bubbles among industrial sectors

We find that housing bubbles are accompanied by sluggish demand in non-housing-related sectors both currently in China and previously in Japan. To explain this, we construct a theory to model the differential impact of housing bubbles on housing-related and non-housing-related industrial sectors by combining the neoclassical framework of general equilibrium with the input–output table. We also find that the housing bubble increases investments and output prices in housing-related sectors (crowding-in effect) while simultaneously reducing investments and output prices in non-housing-related sectors (crowding-out effect). Our theoretical findings could explain the negatively significant correlation between housing or land prices and the Consumer Price Index (CPI) during China and Japan’s bubble economy eras. Hence, this paper provides new insights into why and how the housing bubble distorts the economy differentially, for different industrial sectors.

Is Rising Residential Land Prices a Consequence of Domestic or Foreign Land Demand? Evidence From Mauritius Island

Some emerging island economies have been fostering foreign direct investments in the real estate market. Given the rise in real estate demand under such contexts, this must have entailed a rise in land demand, and subsequently, land prices could have been affected. This study assesses if the rise in land demand caused by domestic and/or foreign land demand has been influencing residential land prices in Mauritius. To undertake the research, annual data was collected from the year 2000 to 2019 and a structural time series approach was used. It was found that unobserved components, namely the trend level and slope, as well as the cycles were significant in explaining land prices. It was concluded that fluctuations in land prices are significantly explained through latent variables, such as regulations in the land market, fiscal policies concerning mortgage loans, and speculative land buying among others. It was also found that foreign real estate investment (FREI) used as a measure of foreign land demand did not significantly influence land prices. To further probe the factors affecting land prices in Mauritius, domestic demand-side factors were considered and it was found that income, population, unemployment, and real construction costs were significant in explaining land prices.

Does land market matter for urban energy efficiency? Empirical evidence from cities in China

Improving urban energy efficiency on the basis of cost-effectiveness is an important topic of universal concern across the world. The input cost has great influence on energy efficiency. Thus, as one of the important factors in the production progress, land price may exert an energy effect via affecting the urban industries. With a focus on land price levels and the variability, our study investigates the impact of land market on urban energy efficiency, based on the panel data of China's prefecture-level cities. Further, by exploring effects of the segment land markets, our study reveals the exact price features in land market that have driven the changes in energy efficiency of cities. The main results are: (a) Either of the price level and the price variability in urban land market has a positive net effect on energy efficiency. When price level and variability increase by 1%, urban energy efficiency respectively increases by 0.06% and 0.04%, and the effects vary with city's population size and geographic location; (b) An increase of land price level improves energy efficiency by optimizing industrial structure and reduces energy efficiency by weakening industrial production efficiency, while an increase in land price variability exerts a positive impact on energy efficiency by adjusting industrial structure; (c) The price level factor affecting urban energy efficiency is mainly the commercial-residential land prices, while the difference between commercial-residential and industrial land prices is the variability factor that affects energy efficiency.

Measuring land lot shapes for property valuation

PurposeUnstructured data such as images have defied usage in property valuation for a long time. Instead, structured data in tabular format are commonly employed to estimate property prices. This study attempts to quantify the shape of land lots and uses the resultant output as an input variable for subsequent land valuation models.Design/methodology/approachImagery data containing land lot shapes are fed into a convolutional neural network, and the shape of land lots is classified into two categories, regular and irregular-shaped. Then, the intermediate output (regularity score) is utilized in four downstream models to estimate land prices: random forest, gradient boosting, support vector machine and regression models.FindingsQuantification of the land lot shapes and their exploitation in valuation led to an improvement in the predictive accuracy for all subsequent models.Originality/valueThe study findings are expected to promote the adoption of elusive price determinants such as the shape of a land lot, appearance of a house and the landscape of a neighborhood in property appraisal practices.

Associations between older adults’ going-out frequency and land price of neighbourhoods: Potency of land price as an indicator of homebound tendency

The aim of this study is to identify the potency of land price as a general indicator of the homebound tendency of neighbourhoods. For this purpose, we focus on the associations between land price and older adults’ going-out frequency, while considering the similarities and differences from factors associated with walkability. The study targets are 19,270 individuals living in the Tokyo metropolitan area who are aged 65 years or older who are not certified as needing public long-term care insurance. This study uses a two-step procedure: a) the land price of each neighbourhood is estimated using rent price data from 2010 to 2019 collected by an official Japanese realtor organization; b) the associations between older adults’ goingout frequency, according to the 2016 Japan Gerontological Evaluation Study, and the estimated land price of their neighbourhoods is identified using multilevel analysis. The results indicate that land price has strong negative associations with older adults’ going-out frequency. Associations between land price or other walkability-associated factors, such as population density, ratio of commercial area, and proximity to the nearest train station, only appear when these factors and land price are included within the same model.The results suggest that, when inspecting homebound tendency in some neighbourhoods, factors relating to the built environment must be considered alongside land prices. Furthermore, the homebound status of older adults is a pressing challenge, especially in neighbourhoods with high land prices.

Land Prices and the Development Process

Land Prices and the Development Process

Analiza evoluției pieței funciare agricole prin prisma tranzacțiilor de vânzare-cumpărare

The agricultural land market, as a specific element of the real estate market, was reestablished in the Republic of Moldova by the end of the last century. During the development of the national agricultural land market, there were different fluctuation trends of the main indicators, which reflect the quantitative aspects of land development: the correlation between demand and supply, market price of agricultural land, sold-purchased land areas, etc. The most important indicator is the market price of agricultural land, which, under the conditions of free land market, is formed based on the correlation between supply and demand for land. The sale-purchase type of business predominates in the transaction structure of the land market. In this context, in order to investigate the issues related to the functioning of the agricultural land market, the number of sale-purchase transactions of agricultural land, the area of agricultural land subject to sale, as well as the average sale-purchase price of agricultural land have been analyzed.

Analysis of Influences of Characteristics of Railway Stations on Land Price: a Focus on Metropolitan Area Railways

Analysis of Influences of Characteristics of Railway Stations on Land Price: a Focus on Metropolitan Area Railways

Assessment of the Impact of Plastic Recycling on Agricultural Land Prices: A Case Study in Vietnam

Pollution in Minh Khai, Van Lam district is seriously contributed by plastic recycling plants. Therefore, this study evaluated the impact of plastic recycling pollution on agricultural land prices in Minh Khai, Van Lam district. Hedonic price analysis was employed in analyzing the data being collected. The results show that crop yield and quality as well as agricultural land prices in the area tend to decrease due to the impact of pollution from plastic recycling. The analysis also showed land prices are positively related to crop yields, soil quality and land size while distance to the highway and quality of the irrigation water are negatively related. Based on the hedonic price method, the research shows that the price of agricultural land increases by 0.97 VND/m2 (USD 0.042 per 1000m2) when away from the plastic recycling area. It is estimated that the value of agricultural land in the district damaged by pollution is about 79 billion VND (3.4 million USD). Therefore, local authorities should implement zoning of production into concentrated areas. Hence, it is possible to invest in pollution treatment and reduce negative impacts on the external environment.

Disentangling Land Financialisation: Insights from Santiago de Chile's Land Lease‐Purchase Contracts

AbstractNon‐depreciation gives to land a central role in the credit expansion process of the modern economy and constitutes the foundation of the relationship between finance and real estate. To understand the process by which land becomes an underlying asset in the financial market, this paper's theoretical model formalises a set of propositions derived from asset price theory and real options theory. Theoretically, vacant land speculation results from rational behaviour; thus, land becomes valued as a real investment option. This real option can later operate as an underlying asset for credits and financial options, which explains the financialisation of vacant land. This work evidences the process of formation of landbanks by insurance companies in Santiago, Chile, showing that their acquisitions are, partly, carried out via Lease‐Purchase Contracts. Besides, it is demonstrated that Lease‐Purchase Contracts tend to locate in geographical areas with greater growth rate in land price and deviations in this rate.

Dynamic change and evolutionary mechanism of city land leasing network—Taking the Yangtze River Delta region in China as an example

Mapping city networks has attracted scholarly attention in urban studies, while the relevant studies focusing on land elements are lacking. This study aims to address and fill this research gap by analyzing across-city land leasing relationships. Using Yangtze River Delta region (YRDR) in China as a case, we explore the dynamic change and evolutionary mechanism of city land leasing network based on urban land leasing data and temporal exponential random graph model (TERGM). The findings reveal that: 1) At the macro level, as the interconnections between cities in the YRDR grow stronger, the inter-city flow of land elements has become growingly convenient and accessible, there is a corresponding increase in the frequency of land use rights transfer between cities. This has led to the emergence of a more intricate and interconnected city land leasing network in the YRDR. 2) At the medium level, city land leasing network in the YRDR fosters land leasing communities within province boundary. Shanghai community is identified as the strongest community, which establish a compact relationship with a large number of cities in Zhejiang, Jiangsu, and Anhui provinces. The province of Zhejiang, Jiangsu, and Anhui have also foster communities with provincial capitals as the core, respectively. 3) At the individual level, Shanghai is the primary recipient city in terms of cross-city land leasing relationships, followed by provincial capital cities of Hangzhou, Nanjing, and Hefei. 4) Significant effects, including endogenous structural effects, actor-relation effects, exogenous network effects, and time effects, could be found in the city land leasing network of the YRDR. The city land leasing network in the YRDR is influenced by endogenous structural factors such as popularity, transitivity, and connectivity. Cities with low economic development levels, strong land leasing intervention, high real estate development investment levels, and high land leasing prices are more likely to lease land to other cities. Cities with higher levels of economic development, higher levels of industrial structure upgrading, higher levels of real estate development investment, and higher land prices are more likely to lease land from other cities. Furthermore, cities within the same province or within Yangtze River Delta Urban Agglomerations (YRDUR) are more likely to foster inter-city land leasing relationships, while the distance between cities negatively affects the establishment of inter-city land leasing relationships.

THE DISINTEREST OF RENTING RUSUNAWA IN BITUNG CITY

The rapid population growth in the city of Bitung has led to an increase in land prices. In response to this, the government of Bitung city created a residential facility, namely Rusunawa or also called Simple Rent Flats, Rusunawa is a place to live for low-income people. This study aims to find the reason why people in bitung city not interested in renting Rusunawa. This study use Descriptive Qualitative method, by collecting the data from the company, interview with the employee’s, and interview with people who choose to live in boarding house. The results of this study will be the reason why people choose to live in boarding house instead of Rusunawa and will be useful for the company in order to increase their occupants. Keyword: purchase intention

Land and housing price increases due to metro effect: An empirical analysis of Santiago, Chile, 2008–2019

This research investigates whether properties near metro lines in Santiago, Chile, are sold for higher prices. To achieve this, a multiple regression analysis is carried out, considering fixed and temporal effects, comparing data within and outside a 1 km buffer zone around each metro station. The study focuses on three variables: (1) capitalization by landowners, (2) capitalization by apartment prices, and (3) a "land incidence" ratio, which is the proportion of land cost-to-apartment prices and acts as a proxy for residential density. The results indicate a positive correlation between metro proximity and capitalization by landowners and apartment prices, at 5.1% and 9.2%, respectively. However, the land incidence shows a negative correlation of − 11.8%, which suggests that apartment prices and residential densities increase more than land costs near metro stations. An approximate estimation also finds 23.5% higher premium to developers within the metro buffer zone, based on apartment prices, density, land cost, and average building cost. These findings support previous studies that show the positive impact of the metro on land and housing values. The study sees the influence of the metro in transforming Santiago's residential densities and private profits.

Incerteza radical e o efeito da infraestrutura de transporte nos preços da terra

ABSTRACT Most contributions in the academic literature identify a positive effect of transport infrastructure on land prices. However, their short-run dynamics has not been routinely analyzed. One of the reasons for this lack of research is because neoclassical urban land economics models underlie, in some cases implicitly, most of the available literature on the topic. In this theory, land values converge to their long-term trends regardless of short-term shocks. We build upon post-Keynesian monetary circuit theory to design a spatial urban economics testing framework, building upon the contributions of Abramo (2011) and Alfonso (2007, 2017). In this tradition, short-term shocks have long-term effects on the spatial distribution of land values due to radical uncertainty. Our case study is Transmetro, a Bus Rapid Transit (BRT) project in Barranquilla (Colombia). We use static and dynamic panel-estimation to test the short-run dynamics of spatial land price adjustments during 2000-2010, including the construction and delivery years 2006-2010. This case study offers a good assessment opportunity because of featuring prominent problems and delays. We find volatile short-run adjustments that run counter to neoclassical predictions, while resembling spatial land price adjustments exposed to radical uncertainty.