Determinants of Changes in Agricultural Land Prices at Regional Level in Poland

Abstract

The aim of the research was to identify factors determining changes in land prices and to indicate clusters of Polish voivodeships distinguished according to the adopted variables. Because of the specific features of the agricultural land market in Poland, the performed analyses accounted for the distinction in prices of agricultural land from the Agricultural Property Stock of the State Treasury and from private land trade. In view of the formal and legal regulations implemented in Poland, and the way changes in land prices are recorded, the analysis concerned the time period of 2013-2020, divided into two sub-periods: 2013-2016, and 2017-2020. One of the most significant considerations was the fact that there were two submarkets on the Polish agricultural land market, such as the farmland in private turnover and the farmland from the Agricultural Property Stock of the State Treasury. The highest differentiation of land prices between the voivodeships was due to the average monthly disposal income per capita from a family farm relative to the average monthly income per capita from being self-employed, and the total acreage of farmland sold from the State Treasury Stock.