Land plots are one of the real estate types that require valuation periodically. Unlike buildings, land plots seem to be more tangible as empty areas. In fact, they can also have different values as they are on various purposes. There are plenty of differences in values between land plots available for agricultural and business purposes. In general, land plots are divided into the following types:

  • Land plots for home construction
  • Land plots available for large buildings with business purposes
  • Land plots used under lease agreement
  • Agricultural land plots
  • State-owned land plots

Primarily the purpose of the land plot is taken into account, including a number of other features. First the location of the land plot, then its structure, infrastructure provision, limited offer, relief and other important elements may affect the value of the property.

Another important point in valuation of a land plot may occur when there is a construction site. In other words, valuation of vacant lands and those where improvements have been made (flattening of the relief and construction works) require different approaches.