Like farming itself, the valuation of farmland is a specialized field. When a credible farm valuation is required, it is advisable to turn to a qualified agriculturalist. Whether it is productive value or market value which is being determined, the valuer needs to have an understanding of agricultural economics as well as the geo-physical aspects of the business. In my masters thesis entitled “Determining factors in farmland valuation”, I statistically analysed the relative importance of factors such as land size, soil quality, distance from town, and buyer-seller behaviour in determining purchase prices of farms.
- Game farms and game lodges