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

Authors

  • ÜNsal ÖZdilek

    1. University of Quebec in Montreal
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    • Ünsal Özdilek is a professor and the director of the Real Estate Program in the Business School at the University of Quebec in Montreal. His research interests include property valuation, real estate economics, and spatial analysis, and he has previously published in real estate related journals. Direct correspondence to: Ünsal Özdilek, Business School, University of Quebec (UQAM), Montreal, Canada; e-mail: ozdilek.unsal@uqam.ca.


Abstract

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.

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