What determines the value of land

“How does the pattern of land use determine the types of property to be found in an area and their values”?

Land in a sense has no value of itself, but for the right to which the land can be put. Improving the use rights in land will generally lead to an increase in value. Land can be zoned for residential-, commercial-, industrial, agricultural and several other uses. Normally, the extent or magnitude to which a property will be developed is dictated by the demand for such a utility. This is also known as the highest and best use of a particular approved right in the land. Read more