Allegrini 2024

Prestigious denomination vineyards are the most valuable agricultural lands in Italy

Barolo at the top (up to 2 million euros per hectare), then Alto Adige, Montalcino and Bolgheri. Data from CREA- Policies and Bioeconomy
The Barolo vineyards are the most valuable agricultural lands in Italy, according to CREA

The vineyards of the most prestigious Italian wine denominations are the most valuable agricultural lands in Italy. At the top, the Barolo vineyards, whose value fluctuates between 250.000 and 2 million euros per hectare; in second place, the Alto Adige vineyards in the Lake Caldaro area (between 440.000 and 900.000 euros), and then the vineyards in Montalcino, the land of Brunello (starting from 250.000 euros to 900.000 euros). Next, the Bolgheri DOC vineyards, ranging from 240.000 to 750.000 euros per hectare. The Val Venosta apple orchards reach the same maximum price (they start at 450.000 per hectare, and are the only crop, other than the vineyards, in the first few places). Completing the top places in the ranking are the DOCG vineyards of Valdobbiadene, the cradle of Prosecco, ranging from 300.000 to 600.000 euros, then the apple orchards of Val d’Adige, from 350.000 to 500.000 euros per hectare, the vineyards north of Trento, ranging from 220.000 to 500.000 euros per hectare, the DOC vineyards in Alto Adige of Val Venosta and Valle Isarco in Bressanone, ranging from 300.000 to 500.000 euros per hectare, and land dedicated to irrigated horticulture in the Albenga Plain, in Liguria also reached the maximum price. The data comes from the council for agricultural research and agricultural economy analysis, CREA - Policies and Bioeconomy website, which updated its classic “Survey on the land and rental market” in Italy, on data related to 2022 (values considered as statistics, since during the actual negotiation phase, on the market, a lot can change, and often prices can be more than the minimum and maximum values, as there are many factors that influence them , like quality of the vineyards, exposure, whether or not they are adjacent to previous and non-previous properties, and so on). In general, this shows that the purchase and sale of agricultural land continued to grow, in 2022, though at a slower pace than the previous year (+1.7%, counting 150.000 purchase and sale deeds). However, repercussions on the price of land are not sufficient to offset the effects of inflation, the survey explained, which was conducted with the support of CONAF - the Council of the Order of Doctors of Agronomy and Forestry - and data published by other official sources. In 2022, the price of agricultural land registered + 1.5% increase on a National level, compared to 2021, which was mainly driven by the North West (+3.2%), North East (+1.2%), and the Center-South around +0.5 to +0.8%, while the average National price was nearly 22.600 euros per hectare. There were, though, definite differences between the North-East (47.000 euros) and the North West (35.000 euros) and the rest of Italy (less than 15.000 euros). According to the Bank of Italy, credit and disbursements for the purchase of rural properties (-6% compared to 2021) total around 350 million euros compared to 500 million euros in the 2016-2019 period.
“According to CAP, changes expected in the amounts of direct income aid, and introducing new reward mechanisms based on sustainability (eco-schemes) do not seem to have significant effects on the price of land. Optimism is cautious regarding expectations for the future”, CREA explained, “in spite of uncertainties concerning the International economic situation, revision of direct income aid, measures envisaged by the Green Deal, and extreme climatic events”. Overall, the rental market demand is continuing to grow, driven for the most part by irrigated arable land in the lowland areas, while it is slightly slowing down for high quality vineyards. Rents, linked to inflation, are growing in areas where the market has been especially dynamic, while in other contexts the level of rents has remained almost stable.
According to the 2020 Agricultural Census (ISTAT), rented agricultural areas, including free utilization, has increased even more compared to the previous Census (+27% compared to 2010), and 50% of the National cultivated UAA had rental contracts (6.2 million hectares). More uncertainty is linked to the effects of the CAP on the rental market, due to remodulating premiums and introducing Eco-schemes.
Regarding the near future, professionals are more concerned about the increase in interest rates, the decrease in companies investing, greater difficulties in accessing credit, as well as the ongoing climate change. For the first time this year, though, the CREA - Policies and Bioeconomy researchers have carried out an online survey, “The Barometer of the Land Market”, aimed at qualified participants, to try to measure trends and prospects for the land market. The survey shows that rising inflation does not appear to have had a significant impact on land prices. In general, where invariance of prices prevails, there are areas that show somewhat of a growth in land prices, such as in the case of vineyards for quality wines, irrigated arable land, citrus groves and horticulture. However, it marks a slight drop in prices for orchards, olive groves and pastures, linked to management and market difficulties for the first two typologies, and to marginality of the land and reduction of extensive farming for the latter. The market’s short-term prospects on the evolution of prices and trade show a cautious increase in prices, due to the uncertainties of the International context and the increase in costs of raw materials and energy, meaning the number of potential buyers will be reduced. This is the general context; however, returning to the vineyards, as we said, the most valuable are the Barolo, Alto Adige, Brunello di Montalcino and Valdobbiadene vineyards (but, there are vineyards missing from the CREA survey, such as, among others, the vineyards of the highly prestigious and valuable area, Valpolicella, ed.). According to CREA, the DOCG vineyards in the Asolo and Pedemontana Hills register interesting prices, ranging from 250.000 to 350.000 euros per hectare, the Brescia Hills DOCG vineyards from 130.000 and 250.000 euros per hectare, and the Chianti Classico vineyards ranging from 90.000 to 210.000 euros in the province of Florence, and from 90.000 to 150.000 in the province of Siena. Furthermore, some of the most valuable are the DOC vineyards of the Bergamo Hills (120.000 to 200.000 euros per hectare), the Chambave DOC vineyards, in the Aosta Valley (100.000 to 150.000 euros per hectare), the vineyards of the lower Piave Plain (65.000 to 150,000 euros per hectare), the heroic vineyards of Pantelleria (110.000 to 140.000 euros per hectare), and the DOC wines in Valtellina Superiore, from 80.000 to 130.000 euros per hectare, while the DOC wines of the Collio area, in Friuli, range from 45.000 and 120.000 euros per hectare.

Focus - Minimum and maximum prices of Italian vineyards (in thousands of euros per hectare) according to CREA

Vineyards in the Barolo DOCG areas in lower Langa di Alba - 250/2.000
DOC vineyards in the Lake Caldaro area - 440/900
DOCG vineyards in the hills of Montalcino - 250/900 Bolgheri DOC vineyards - 240/700
Valdobbiadene DOCG vineyards - 300/600
North Trento vineyards - 220/500
DOC vineyards in lower Val Venosta - 300/500
DOC vineyards in the Bressanone Isarco Valley - 300/500
DOCG vineyards in the Asolo hills and foothills - 250/350
DOC vineyards in the Brescia hills - 130/250
DOCG vineyards in Chianti Classico (Florence) - 90/210
DOC vineyards in the Bergamo hills 120/200
DOC vineyards in Chambave - 100/150
Lowland Piave vineyards - 65/150
DOCG Chianti Classico vineyards (Siena) - 90/150
Small vineyards in Pantelleria - 110/140
DOC vineyards in upper Valtellina - 80/130
DOC vineyards in the Collio area - 45 /120
Vineyards in the central area of Pordenone - 52/120
DOC Moscato vineyards in the Canelli area - 70/100
DOC vineyards in the Eastern Hills - 50/100
DOC vineyards in the Castelli Romani - 80/100
DOC vineyards in Gattinara - 48/ 95
Hill vineyards in the western area in the province of Vicenza - 60/90
DOC vineyards in the Euganean Hills - 50/90
DOC and TGI wine vineyards on the slopes of Etna - 43/90
DOC vineyards in the upper Nervia Valley - 50/ 85
DOC vineyards on the coastal hills of Albenga - 70/85
Mechanized vineyards in the Modena plain - 45/85
DOC vineyards in the Alban hills - 60/80
Rauscedo vine nurseries - 45/75
Prestigious DOC vineyards in the Asti area (excluding Moscato) - 40/70
DOC vineyards in the Parma hills - 50/70
DOC vineyards in the Enza hills - 55/70
DOC vineyards in the Piglio area - 50/70
DOC Erbaluce Caluso vineyards - 41/60
DOC Cinque Terre vineyards - 35/60
DOC vineyards in the hills of central Pescara - 25/60
DOC vineyards in the coastal hills of Chieti - 25/60
DOC vineyards in the coastal hills of Ortona - 25/60
DOC vineyards in the coastal hills of Roseto degli Abruzzi - 25/60
DOC vineyards in the hills of Taburno - 45/60
DOC vineyards in the hills of Avellino - 30/60
DOC vineyards in the hills of central Irpinia - 25/60
Vineyards in southern Capitanata - 34/59
Vineyards in the lower Sillaro hills - 35/52
DOCG vineyards in Carmignano - 40/50
DOC vineyards in the middle hills of Ancona - 30/50
Table vineyards in Naro-Canicattì - 28-50
Irrigated table wine vineyards in the Monopoli plain - 28/49
DOC vineyards in the Piacenza hills - 34/48
DOC vineyards in the hills of Montefalco - 38/48
DOC vineyards of Falerio - 24/48
Table wine vineyards (pergola) in the province of Caltanissetta - 27/48
DOC vineyards of Matelica - 25/45
DOC vineyards in the hills of Calore -25/45
DOC vineyards in the Oltrepò Pavese - 24/42
DOC vineyards in the Valdinievole - 30/40
Vineyards in the Galluccio area - 30/40
Table wine vineyards in the Taranto plain - 24/39
Wine vineyards in the Manduria area - 23 /37
Irrigated vineyards in Marsala - 22/37
DOC vineyards in the hills of Orvieto - 25/36
Small dry wine vineyards in Monreale/Partinico - 20/34
DOC vineyards in the Parteolla area - 27/34
DOC vineyards in the coastal area of Campobasso - 29/33
DOC vineyards in the Vulture hills - 25/32
DOC Orvieto vineyards - 16/30
DOC vineyards in the Montefiascone area - 18/30
Vineyards on the coastal hills of Gaeta - 22/30
DOC vineyards in the Ernici Mountains - 15/30
Pergola vineyards in Francavilla Fontana - 19/30
DOC vineyards in the hills of Perugia - 23/29
Vineyards in the Copertino plain - 18/29
DOC vineyards in the Vermentino di Gallura area - 22/29 Vineyards on the coastal hills of south-eastern Cosenza - 15/26
DOC vineyards in the Cannonau area of Ogliastra - 11/16

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