Prices of agricultural land in Romania from 2003 till 2024: how time is generating wealthy land owners

In this article, I present an evolution of the prices of farmland in Romania from 2003 till today. I want to demonstrate how time is contributing to the wealth creation of landowners in Romania.

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Prices of agricultural land in 2003 in Romania

For example, in 2003, the prices for large parcels doubled compared to the previous year, especially for those with areas larger than 10 hectares: the price for the parcels smaller than 10 hectares was 100-300 euro/ha, and for those larger than this reached the price of 500-1000 euro/ha.

The land prices in 2011 in Romania

The price of agricultural land in Romania has gone up in recent years, but is still 3 to 7 times lower than in most European countries, according to DTZ Echinox’s ‘Agricultural Land Investment Romania 2012’ report. In 2011, the price per hectare in Romania was EUR 1,972, up from EUR 1,700 in 2010, EUR 1,500 in 2009, and just EUR 927 in 2007. In 2003, the price was EUR 237, the lowest level in the last 10 years.

The price for agricultural land in Romania is three times up to seven times more reduced than in the majority of European states, although it doubled between 2007 – 2011, reaching an average of 1,972 euro per hectare according to a study of the DTZ Echinox company, which estimates to keep the rising trend. In Romania, the prices of agricultural land differ between the regions. In the North-Eastern part and South-Eastern part, the average price of sale for agricultural land is almost 1,500 – 1,600 euros per hectare, while the areas near Bucharest is 2,200 – 2,700 euros per hectare, the latest study of the DTZ company estimates an advance of prices in the next three years up to 3,000 euro per hectare.

Thus, the average price at the national level was in 2011 – 1.972 euro per hectare, against 927 euro in 2007 and 1,700 euros in 2010. Romania has 14.7 million hectares of agricultural land, out of which 10 million hectares are used as cultivated land.

The average price of land in Romania rising year on year

In the case of Romania, the average price of a hectare of arable land was €7,601 in 2021, up from €7,163 in 2020. By comparison, the average price of a hectare of arable land in 2021 was €6,096 in Bulgaria, €5,940 in France and €5,187 in Hungary. Other member states where the average price per hectare of arable land is lower than in Romania are Lithuania, Estonia, Latvia, Slovakia, and Croatia.

Farmland prices in Romania in 2023

The average prices of agricultural land refer to the value of one hectare of agricultural land during the reference period (a calendar year). It should be noted that the level of agricultural land prices depends on a series of criteria, such as national factors (legislation), regional factors (climate, proximity to irrigation networks and systems), and localized/specific productivity factors (soil quality, slope or drainage).

Based on the methodology agreed at the European level, in Romania, in 2022, the average price of one hectare of arable land was 39704 lei/ha. The lowest average price was reported in the northeast region, namely 34743 lei/ha, while the highest value was reached in the Bucharest-Ilfov region, namely 59263 lei/ha.

In 2022, an increase of approximately 6.1% in the average price for arable land was recorded in Romania compared to the previous year, with the highest rise being reported for the North-West region of Romania (+23.5%).?

The average price of permanent grassland experienced an increase of about 6% in 2022 compared to the previous year, for the overall country, with the most significant rise being recorded by the North-East region (+14.9%).?

Evolution of the average prices of agricultural land by category of use during the 2021-2022 period (lei/ha)

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1 euro is 4, 9756 le on 29 December 2023.

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