CAPTURING THE FARMLAND MARKET DATA IN THE REPUBLIC OF MACEDONIA
Date Issued
2016
Author(s)
Gjosevski, Dragan
Pesevski, Mile
Azderski, Jovan
Janeska-Stamenkovska, Ivana
Hadzievski, Vasko
Nikolovska, Verica
Abstract
The capital farmland market in the Republic of Macedonia is underperforming and lacks of
transparency. The limited availability for pricing information on farmland hinders the
establishment of a functioning and transparent land market. Even though farmland markets
typically exhibit a low rate of transactions, the land price may vary due to different factors.
Hence, the prime aim is to detect initial records on the farmland prices, and to explain the
influence of the factors that may affect the farmland price. The data collection is based on
the desk and field research methods. The desk research was based on data reported in the
Official Gazzetes of the RM during the period from January to December 2013, resulting
in 1100 observations on the price of arable land and gardens. The field survey covered 244
respondents and was conducted by using the focus group approach during February 2014.
The questionnaire included two points for discussion: 1) The lowest, mid and the highest
price of the landmark i.e. the hypothetical property, and 2) The factors that influence the
price. The results show that there are differences in the observed farmland prices resulting
from the desk and field research. The average farmland price resulting from the desk
research is 1 €/m2, while the one from the field survey is 1.53 €/m2. However, there are
differences in the prices between regions as well, due to different factors affecting the
farmland price. Density showed the strongest positive correlation with the farmland price,
meaning that higher density increases the price, and vice versa. Other factors influence the
farmland price as well. These initial results shall serve as a basis for future development of
permanent records on the farmland price data, which are necessary to persuade timely
information on the farmland market value and ease the farmland transactions.
transparency. The limited availability for pricing information on farmland hinders the
establishment of a functioning and transparent land market. Even though farmland markets
typically exhibit a low rate of transactions, the land price may vary due to different factors.
Hence, the prime aim is to detect initial records on the farmland prices, and to explain the
influence of the factors that may affect the farmland price. The data collection is based on
the desk and field research methods. The desk research was based on data reported in the
Official Gazzetes of the RM during the period from January to December 2013, resulting
in 1100 observations on the price of arable land and gardens. The field survey covered 244
respondents and was conducted by using the focus group approach during February 2014.
The questionnaire included two points for discussion: 1) The lowest, mid and the highest
price of the landmark i.e. the hypothetical property, and 2) The factors that influence the
price. The results show that there are differences in the observed farmland prices resulting
from the desk and field research. The average farmland price resulting from the desk
research is 1 €/m2, while the one from the field survey is 1.53 €/m2. However, there are
differences in the prices between regions as well, due to different factors affecting the
farmland price. Density showed the strongest positive correlation with the farmland price,
meaning that higher density increases the price, and vice versa. Other factors influence the
farmland price as well. These initial results shall serve as a basis for future development of
permanent records on the farmland price data, which are necessary to persuade timely
information on the farmland market value and ease the farmland transactions.
Subjects
File(s)![Thumbnail Image]()
Loading...
Name
2015_Gjosevski...Kotevska_Capturing farmland_ISAF.pdf
Size
2.02 MB
Format
Adobe PDF
Checksum
(MD5):b797e1c76c9effbfbd795986c6148780