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A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes
Thesis (PhD(Agric) (Agriculture))--University of Stellenbosch, 2009.
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
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Stellenbosch : University of Stellenbosch
2009
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| _version_ | 1867613922526232576 |
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| access_status_str | Open Access |
| author | Reed, Lily Lozelle |
| author2 | Kleynhans, T. E. |
| author_browse | Kleynhans, T. E. Reed, Lily Lozelle |
| author_facet | Kleynhans, T. E. Reed, Lily Lozelle |
| author_sort | Reed, Lily Lozelle |
| collection | Thesis |
| dc_rights_str_mv | University of Stellenbosch |
| description | Thesis (PhD(Agric) (Agriculture))--University of Stellenbosch, 2009. |
| format | Thesis |
| id | oai:scholar.sun.ac.za:10019.1/1220 |
| institution | Stellenbosch University (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:43:50.825Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from SUNScholar — Stellenbosch University Repository |
| publishDate | 2009 |
| publishDateRange | 2009 |
| publishDateSort | 2009 |
| publisher | Stellenbosch : University of Stellenbosch |
| publisherStr | Stellenbosch : University of Stellenbosch |
| record_format | dspace |
| source_str | SUNScholar — Stellenbosch University Repository |
| spelling | oai:scholar.sun.ac.za:10019.1/1220 A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes Reed, Lily Lozelle Kleynhans, T. E. University of Stellenbosch. Faculty of Agrisciences. Dept. of Agricultural Economics. Lifestyle buyers Market sales comparison Multifunctional land market Dissertations -- Agriculture Theses -- Agriculture Farms -- Valuation Thesis (PhD(Agric) (Agriculture))--University of Stellenbosch, 2009. Traditionally, agricultural land was regarded mainly as a production factor. Accordingly, in their application of the market sales comparison approach to agricultural land, valuers relied on a set of attributes related to agricultural production as the primary determinants of an agricultural property’s highest and best use (HBU) and market value. These characteristics were measurable and related to the property’s income-generating capacity. The emergence of a multi-functional rural land market with alternative uses of agricultural land, such as for lifestyle purposes, has transformed this concept. Lifestyle inspired buyers often focus on a wider range of attributes not necessarily related to income, but associated more with satisfaction derived from the property. This creates a measurement problem for agricultural land valuers, as the characteristics valued by lifestyle buyers are more intangible and subjective, which leave valuers without a base from which to value such properties. The presence of lifestyle inspired buyers makes agricultural land valuations more demanding as it implies different interpretations of the same farm and complicates the choice of a single HBU. The continued use of familiar conventional farming attributes by valuers when valuing farms where lifestyle motivations are present, and the omission of less measurable characteristics, implies that the market sales comparison method cannot be executed accurately. The objectives of the study were twofold: to reveal the dominance of value attributes applicable to farming as HBU when valuing farms bought primarily for lifestyle purposes and to identify the characteristics of land important to lifestyle inspired farm buyers. Doctoral 2009-02-12T15:09:21Z 2010-06-01T08:15:27Z 2009-02-12T15:09:21Z 2010-06-01T08:15:27Z 2009-03 Thesis http://hdl.handle.net/10019.1/1220 en University of Stellenbosch application/pdf Stellenbosch : University of Stellenbosch |
| spellingShingle | Lifestyle buyers Market sales comparison Multifunctional land market Dissertations -- Agriculture Theses -- Agriculture Farms -- Valuation Reed, Lily Lozelle A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| title | A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| title_full | A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| title_fullStr | A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| title_full_unstemmed | A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| title_short | A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| title_sort | reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes |
| topic | Lifestyle buyers Market sales comparison Multifunctional land market Dissertations -- Agriculture Theses -- Agriculture Farms -- Valuation |
| url | http://hdl.handle.net/10019.1/1220 |
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