Non-Monetary Aspects of Values in Land: Some Observations on the Relevance of Cultural Processes for the Price of Land

Abstract

"The paper takes a special interest in the theoretical status of non-monetary factors in the determination of the price of land. The paper presents some speculation as to the nature of 'real property' and the types of values people see in it. Three other studies, one Norwegian and one from Sweden, concerning the pricing of agricultural land and woodland, and one English study concerning the values of farmers, are commented on with a view to the theoretical speculations. Then some evidence concerning the relative importance of various types of values and justifications for wanting these values are presented. The quality of the land for farming (farming as a way of life) and the historical relation between family and land (land as symbol of community membership) were the two most important factors for judging a price offer."