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Land marketing and hedonic
price model in Turkish markets: Case study of Karacabey
district of Bursa province
Hasan Vural1 and Halil Fidan2*
1University of Uludağ,
Faculty of Agriculture, Department of Agricultural
Economics, Bursa, Turkey.
2University of Ankara,
Faculty of Agriculture, Department of Agricultural
Economics, Ankara, Turkey.
*Corresponding author. E-mail:
fidan@agriankara.edu.tr .
Accepted 20 January, 2009 |
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The aim of this study is to identify the variables affecting
land value. Examined land was selected from farms in
Karacabey district of Bursa province. Data was collected
from 54 farmers by using survey methods and from second
sources on farms. A hedonic price analysis was conducted to
determine the marginal return to different land
characteristics using an econometric model corrected for
correlation. Parcel characteristics such as distance to
farm, organic matter, potassium, saturated water, pH,
phosphate, salinity, size of land were used in easement
values. As expected, the characteristics did not completely
explain the easement values in selling. In this analysis,
seven factors affected well to land value were used. The
problem definition was worked on the basis the analysis of
the regulation reasons of price of land on the land markets.
The land prices were determined by real sale factors. In the
land areas, the agricultural price of land was
municipality-specifically affected by factors such as the
salinity, soil pH and the land use. The land purchases were
coined noticeably less by speculation considerations. At the
same time, one observes a shrinking commercial probability
for plots, which lie in municipalities with high salty
density in the last years. The reason for this could be the
top price regulation for agricultural properties. The
results of this research can help formulate sale decisions
and nationalization.
Key words: Land market, price of land, hedonic price
model, property rights.
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