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THE LAND MARKET

Land values, Barolo vineyards are the most valuable land in Italy, according to Crea

High prices also in Montalcino, Alto Adige, Bolgheri and beyond. And high prices for apple orchards in Alto Adige, and for flowers in Liguria
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Italy’s most valuable vineyards, according to Crea

There are many valuable farmlands in Italy, which is capable of expressing excellence at every latitude. From the apple orchards of Trentino Alto Adige, for example, which, depending on the different areas from Val d’Adige and Val Venosta, or Val di Non, sprout quotations between 350,000 and 750,000 euros per hectare, to those dedicated to floriculture in Liguria, between San Remo and the Piana di Albenga, for example, which touch quotations ranging from a minimum of 160,000 to a maximum of 500,000 euros per hectare. But, in general, vineyards, and in particular those in the most prestigious appellations, remain the most valuable. And it is no coincidence that the Italian agricultural land with the highest quotations is that of the Barolo Docg vineyards, which produce prices in a range that starts from 200,000 euros but goes up to 1.5 million euros. Average, statistical data, moreover, often lower than those that actually materialize at the buying and selling stage, especially in the wine “cru”, but which emerge from the annual analysis on the “Land and Rental Market in Italy in 2021”, signed by Crea Politiche e Bioeconomia. From which, at a general level, it emerges that “after the abrupt slowdown in 2020 caused by the pandemic, in 2021 the price of land has started to grow again, coinciding with a significant increase in buying and selling activity (+30%), although the real value of land assets continues to decline (-12% on 2010) due to an inflation rate significantly higher than that found in recent years (+1.9% in 2021)”.
According to Crea, in 2021, the price of agricultural land recorded a 1.1% increase nationwide over 2020, driven mainly by the Northwest and Northeast constituency and the lowland areas, with the national average price close to 21,000 euros per hectare, albeit with clear differences between the Northeast (42,300 euros) and the Northwest (29,100 euros) and the rest of Italy (15,000 euros). Credit for the purchase of real estate in agriculture, according to the Bank of Italy, after a drastic setback in 2020 (-42%), only partially recovered this reduction in 2021, posting an increase of 14%, despite strong growth in buying and selling activity. And, according to the 2020 Census of Agriculture (Istat), the rented agricultural area has further increased over the previous Census (+27% over 2010), with 50 perc%e national Sau cultivated under lease (5 million hectares) and free loan contracts (1.2 million hectares).
Concerning the value of vineyards, on the other hand, in a broad but, as for all studies, partial panorama (for example, surveys on those of Valpolicella, among the great Italian wine areas, are missing, ed.), having said the primacy of those of Barolo, on the podium of values, according to Crea data, follow those Docg of the hills of Montalcino, the land of Brunello, included in a range from 250,000 to 700,000 euros per hectare, and then, on the third step of the podium, with prices between 440,000 and 690,000 euros, those of Alto Adige Doc, in the area of Lake Caldaro, in the lower Val Venosta and Valle Isarco. Between 350,000 and 450,000 euros, on the other hand, quote those of Valdobbiadene Docg, the land of Prosecco Docg, while those north of Trento (notably dedicated to Trentodoc, but not only), have prices between 220,000 and 400,000 euros, the highest share, according to Crea, reached by those of Bolgheri Doc (one of the most in-form appellations of the moment). Next, there are the vineyards of another denomination that is on the rise rapidly, especially thanks to its version of Prosecco, namely the DOCG of Asolo, whose hillside vineyards range between 250,000 and 340,000 euros, ahead, in value, of the DOC vineyards of the Collina Bresciana, between 120 and 200,000 euros, with an ideal “Top 10” closed by the Chianti Classico vineyards on the Florentine side, between 110 and 160,000 euros (while those in the Siena area are estimated at between 90,000 and 150,000 euros, ed.), and the Chambave Doc vineyards in Val d'Aosta, which are very few, and have estimated values between 100,000 and 150,000 euros. Maximum values of 150,000 euros are also ticked off by lowland vineyards in the lower Piave area, while they reach 120,000 for Doc vineyards in the Collio area, and 100,000 for those in the central area of the province of Pordenone, in Friuli Venezia Giulia, as well as for Doc vineyards in the Castelli Romani.
Sustained, important values that testify to how agricultural land, and vineyard land in particular, continues to be an important land and investment asset. As well as a primary asset for the production of agricultural commodities, which are back in the spotlight more than ever, as they should be, in the difficult times we are experiencing.

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