Värdering av skogsfastigheter - En statistisk analys av värdepåverkande faktorer

Sammanfattning: Forest property prices depend on several factors such as rate, GDP and market demand. The prices are also affected by factors of individual properties. These are for instance size, timber volume and land consolidation. Yield valuation is the most common tool for valuation of forest properties. This method will often require an adjustment to adapt the prices according to the market. The discrepancy between prices needs to be explained by more variables. Hedonic pricing models have been employed in this study. Acquisitions of forest land in the south of Sweden have been analyzed. The model is based on location-price data and contains 909 acquisitions made between 2011- 2014. The main purpose is to analyze how changes in these factors affect the valuation. The factors that are studied can be divided into 3 categories: property conditions, regional contitions and buyer preferences. Despite the analyzed factors explain a big part of the price level, parts of the variation are not described by these hedonic pricing models. Remaining variations can be explained by non-monetary factors such as intrinsic value of nature and recreation. Furthermore, hunting is a great value that has not been involved in the model since there are no official price statistics. To conclude, a lot of factors need to be taken into consideration for understanding price trends and willingness to pay. The employed model cannot explain all of the variation but provides an estimation of how changes in these factors alter the valuation.