The highest average price of arable land per hectare in the EU in 2016 was achieved in the Netherlands, nearly 63,000 euros, while in Croatia it averaged 2,809 euros or 22.5 times less, according to the latest data from Eurostat.
As noted by the European statistical office, the Netherlands records the highest average price of arable land in the EU at the national level – in 2016 it amounted to 62,972 euros per hectare, which is 1,572 euros more than in 2015 and even 12,171 euros more than in 2011.
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However, when looking at the average purchase price of arable land by regions, the most expensive hectare in 2016 was in the Italian region of Liguria, averaging 108,000 euros per hectare.
On the other end of the spectrum, the cheapest hectare of arable land was in Romania, with an average price in 2016 of around 1,958 euros. At the regional level, the cheapest hectare was in the southwestern region of Bulgaria, averaging around 1,165 euros.
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In Croatia, the average price of a hectare of arable land in 2016 was 2,809 euros or 83 euros more than in 2015.
By regions, in continental Croatia, a hectare of arable land sold for 2,739 euros or 89 euros more than the previous year, while in Adriatic Croatia it sold for 4,651 euros or 54 euros lower, according to Eurostat data.
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Eurostat notes that land prices depend on national, regional, and local factors, such as legal regulations, soil quality, climate, etc., as well as the relationship between supply and demand, which includes rules on foreign ownership.
For this reason, they add, it is interesting to track the movement of land prices over time.
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From the available data, it is evident that the strongest growth in the price of arable agricultural land in the five years leading up to 2016 was recorded in the Czech Republic, where the price per hectare tripled, and in Lithuania, Estonia, Latvia, and Hungary, where it doubled.
In all member states during that period, land prices increased, but at lower rates. For Croatia, data was presented only for 2015 and 2016.
