Geographic disparities in rural land appreciation in a transforming economy: Chile, 1980 to 2007 |
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| Institution: | 1. Millennium Nucleus Center for the Socioeconomic Impact of Environmental Policies (CESIEP) and the Department of Agricultural Economics of the Pontificia Universidad Católica de Chile, Santiago, Chile;2. Department of Agricultural Economics of the Pontificia Universidad Católica de Chile, Santiago, Chile;3. Ministry of Social Development, Government of Chile, Santiago, Chile;1. Dipartimento di Economia e Impresa- DEIM, Università della Tuscia,Via del Paradiso 47, 01100 Viterbo, Italy;2. Food and Agriculture Organization of the United Nations – FAO, V.le delle Terme di Caracalla, 00100 Rome, Italy;3. Universidad Nacional de Colombia, Cra 27 #64-60 Manizales, Caldas, Colombia;4. Dipartimento per la Innovazione nei Sistemi Biologici Agroalimentari e Forestali – DIBAF, Università della Tuscia, Via S. C. De Lellis snc, 01100 Viterbo, Italy;1. Department of Food and Resource Economics, University of Copenhagen, Rolighedsvej 25, 1958 Frederiksberg C, Denmark;2. Department of Geosciences and Natural Resource Management, University of Copenhagen, Denmark;1. School of Geographic and Oceanographic Sciences, Nanjing University, Nanjing 210023, China;2. Natural Resources Research Center of Nanjing University, Nanjing 210023, China;3. Chinese Land Surveying and Planning Institute, Beijing 100029, China;4. Department of Statistics, Virginia Polytechnic Institute and State University, Blacksburg, VA 24061, USA;1. Aalto University School of Engineering, Department of Built Environment, P.O. Box 12200, 00076 Aalto, Finland;2. Finnish Geospatial Research Institute, National Land Survey of Finland, Geodeetinrinne 2, 02430 Masala, Finland;1. Belarusian State Technological University, Department of Economics and Plant Management, Belarus;2. Belarusian State Technological University, Production Organization and Real Estate Economics Department, Sverdlov Street 13a, 220006 Minsk, Belarus;3. University of Warmia and Mazury in Olsztyn, Department of Economic and Regional Policy, Oczapowskiego Street 4, 10-724 Olsztyn, Poland;4. University of Warmia and Mazury in Olsztyn, Department of Real Estate Management and Regional Development, Prawocheńskiego Street 15, 10-724 Olsztyn, Poland |
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| Abstract: | This paper reports on a research effort to gather and analyze rural land value data during a period of unprecedented growth in Chilean agriculture. This information is important to understand the geographical distribution of gains associated with the transformation of the rural sector during a period of rapid development, trade liberalization and transition toward a predominant emphasis on export earnings in agriculture. A large set of data of rural land transactions for 1980, 1990, 1997 and 2007 were collected from a sample of land registry offices. Results show notable declines in the physical size of transactions, significant average annual rates of increase in real per-hectare values, and a small-parcel premium for rural land associated with non-farm land use. Overall real land values have increased faster than the average annual growth rates in the agricultural sector’s value added, suggesting that land owners have gained proportionately more than other claimants to sectoral income. Tests show significant geographic disparities in annual rates of land appreciation across regions and municipalities. Consistent with differential net gains due to integration into world markets and the geographic heterogeneity of suitability for different land uses, northern areas, with greater emphasis on export-oriented crops, have experienced the highest average rates of annual real per-hectare value growth, in the order of 7 percent, while southern areas, emphasizing traditional crops and pastures/livestock, have experienced growth rates of half that. Geographic disparities are also explained by proximity to urban population and income centers. |
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| Keywords: | Rural land Land prices Land appreciation Agriculture Chile |
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