The Canary Islands emerged as the region with the highest average price per cultivable hectare in the European Union (EU) in the past year 2021, reaching 120,477 euros, according to Eurostat data.
At the regional level, compared to the maximum in the Canary Islands, is in the Swedish region of Övre Norrland, with an average of 1,882 euros.
Regarding the countries, the community statistics office has stated that the distance is probably greater: in Spain, the average cost of a hectare last year was 12,938 euros, but this cost ranged from the average of 1,423 euros in Bulgaria to 41,930 euros in Luxembourg.
Prices as a result of territorial and productivity factors
Eurostat has indicated that the level of land prices depends on national factors, such as legislation; regional (climate and proximity to networks); and localized productivity, where soil quality, slope or drainage affect.
Likewise, the market forces of supply and demand, including the influence of foreign ownership rules, can also affect the price of agricultural land.
