Regional disparities and price convergence in the land markets of the Visegrad countries

Sőreg, Ádám Pál and Naár, Antal Tamás and Naár-Tóth, Zsuzsanna (2018) Regional disparities and price convergence in the land markets of the Visegrad countries. Hungarian Statistical Review, 1 (1). pp. 38-69. ISSN 2630-9130

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Abstract

Twelve years after the Visegrad countries’ accession to the EU (European Union), the question of whether total price convergence can be achieved between the land markets of new and old EU member states remains open. Over the past decade and a half, the agricultural land markets of the Eastern European countries could have been characterised by the rather active turnover of land and a dynamic increase in market prices compared to the inner markets of old EU members states. This study aims to explore and analyse in detail the main drivers of this tendency. It presents the overall effect of different production structures, land market regulations, and macroeconomic tendencies on the agricultural land prices of the Visegrad countries. In addition to dealing with countrywide changes and some underlying justifications, the authors attempt to find explanations for the differences in value emerging at the regional and county/provincial levels. Based on the fact that the supply and demand of agricultural land is strongly connected to fixed locations, regional price changes may be reproduced by creating a multiple linear regression model composed of indicators expressing the local development of the agricultural sector and the entire economic system.

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