Land Value: Seven Major Questions in the Analysis of Urban Land Values

A review of the literature on land and its value reveals seven sources of ambiguity: 1) a precise definition of the type of land under investigation is frequently absent, 2) the temporal, and 3) the spatial aspects of the land value attributes might be inconsistently specified, 4) the relevance of the valuation methods used is often overlooked, 5) the separate land value is a mere by‐product of the total property value as a rule, and thus lacks proper focus, 6) the different agents involved in land markets are not always taken into account, and finally, 7) the explanations for the unpredictable aspects of land value are sporadic. This article explores each of these areas of ambiguity.