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Allegrini 2018
LAND INVESTMENTS

From vineyards to apple orchards to nurseries, prices of agricultural land are steady in Italy

According to data from CREA, Italy’s highest valued vineyards are in Barolo, Brunello di Montalcino and Alto Adige

The highest valued lands in Italy are the vineyards of the most important wine denominations, from Barolo (1.5 million euros per hectare) to Brunello di Montalcino (700.000 euros), Alto Adige (690.000), and the Prosecco DOCG hills (450.000). However, other sectors also command high prices like the apple orchards in Val Venosta (up to 700.000 euros per hectare) and Val d'Adige (600.000), as well as floriculture in the Albenga plain (500.000). In the Savona area, or San Remo (320.000), and the nursery land in the Pistoia area (270.000), lands cultivated with asparagus in the Bassano area (220.000), and in the Vicenza area are some examples of the land market that the Pandemic has slowed down in general, in terms of trading, while it has had insignificant influence on the prices of the land. The CREA Politiche and Bioeconomy survey (agricultural policies and bioeconomy), with the contribution of CONAF (Council of the Order of Agronomists and Foresters) indicated that this is a sign of a patrimonial asset; that is, of land suited to agricultural use, which, net of some problems, such as the constant reduction, especially due to overbuilding, of usable agricultural area, and the very low profitability of some agricultural sectors, has been confirmed economically strategic and resilient to crises. The survey highlighted that in 2020 prices of Italian agricultural land remained stable (-0.1% compared to 2019), and decreases were generally only in the Northeast regions. In addition to the regions of Veneto, Friuli-Venezia Giulia, Emilia-Romagna and Liguria, which showed the most conspicuous drops, there were also decreases in the regions of Tuscany, Molise and Campania. Furthermore, the purchase and sale deeds of agricultural land concluded in 2020 (compared to 2019) plummeted to -8.4%, reversing a positive trend that had lasted since 2014.
CREA pointed out that the health emergency has not had a significant impact on the rental market either, except for some limited effects in a few sectors that have instead recorded a downturn, such as the floriculture, viticulture and Agritourism sectors. The overall state of uncertainty that the pandemic has caused, has led many professionals to prefer leasing rather than opting to purchase new land. Therefore, the leasing institution has continued to represent the main tool available to entrepreneurs to expand their business areas. Another interesting aspect that came out of the survey is a greater tendency to renew rental contracts rather than to enter into new contracts, because almost always the rent does not increase, which is due to the extensions the Rural Development Programs (RDP) grants. Traditionally, the termination of lease contracts is linked to Community policies. And, in general, demand tends to prevail over supply in the northern regions, while the pandemic generated crisis has essentially stalled the rental market in the central regions and, even in the South, the situation is more or less stationary.
Considering only the highest valued vineyards that CREA monitors (prices are only estimates, as always in statistics, which can then change a lot based on position, exposure and boundaries in the phase of actual negotiations, ed.), the top vineyards are in Langhe and Barolo, boasting values ​​ranging between 200.000 euros and 1.5 million euros per hectare, followed by Brunello di Montalcino, which range between 250.000 and 700.000 euros per hectare, and Alto Adige, at values ​​between 440.000 and 690.000 euros per hectare for those in the area of ​​Lake Caldaro, in lower Val Venosta and in the Isarco Valley. Then, the vineyards of Prosecco DOCG di Valdobbiadene, which range between 350.000 and 450.000 euros per hectare, the vineyards north of Trento range between 220.000 and 400.000 euros per hectare, as well as those in Bolgheri, while in Asolo they are quoted between 250.000 and 340.000 euros per hectare and in the Brescia hills between 120.000 and 200.000 euros per hectare. Further, among the highest valued vineyards in Italy, according to CREA, there are those in Chianti Classico, getting slightly higher values ​​in the province of Florence (110-160.000 euros per hectare) than in Siena (90-150.000 euros per hectare). The vineyards of Chambave, in Val d'Aosta, are also quoted significantly high prices at 150.000 euros per hectare, the same as those in the lower Piave area, in the province of Venice, and Collio, the white pearl of Friuli Venezia Giulia.

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