Methodology verification the impact of market features on the level of transaction prices and its application in land consolidation process
Journal Title: Acta Scientarum Polonorum Administratio Locorum - Year 2017, Vol 16, Issue 1
Abstract
Multifunctionality of rural areas in various sectors of the economy enforces the need to take into account this fact in the work of consolidation and exchange of land. The change of land ownership and land use is beneficial not only for the development of agriculture, but also on the development of non-agricultural functions of the area covered by consolidation. The basis for proper implemen-tation of consolidation and exchange of land is valuation of land free from errors and defects In the situation of increasingly growing real estate market also in terms of agricultural land, it is reasonable to use transaction prices to estimate land value for the needs of land consolidation and exchange. This solution facilitates the mutual settlements between the participants of consolidation, will allow the trade of land during the process of consolidation, and also will affect the accuracy of determining of the value of land owned by the participants of consolidation, especially in terms of the development of non-agricultural functions. The current regulations allow valuation based on transaction prices in a situation not specify the prin-ciples of respect for the participants merge. These regulations impose a significant limitation, howe-ver, it is the use of prices obtained for the sale of state-owned agricultural estates. So estimated value does not satisfy signs of market value.The research undertaken in the work carried out in the area of an agricultural nature confirms the thesis that the volatility of transaction prices of agricultural properties is caused by the characteristic features of the local real estate market. To avoid errors of faulty valuation of the property due to incor-rect indication of the number and types of features deciding on the volatility of prices, it is necessary to carry out their verification.
Authors and Affiliations
Monika Siejka
Keywords
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