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Arable land price nearly triples in past decade

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Some 14% less farmland changed hands in 7% fewer transactions last year than in 2018; however, the rise in prices remains unbroken, says novekedes.hu.

Image by Pexels

From HUF 1.3 billion in 2018 to HUF 1.4 bln last year, the average price of land sold per hectare increased by 7% based on National Tax and Customs Administration (NAV) data.

Based on the 2019 price increase, it could be said that the price of one hectare of arable land purchased in 2010 had increased by an average of two and a half times by last year.

It is not yet clear how the coronavirus epidemic will affect the land market, but the soon-to-be-launched new EU support cycle could have negative effects, according to the latest OTP Farmland Value Map, which processes NAV’s real estate database.

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