Farmland Values Remain Steady Despite Recession
Unlike the housing market and despite the recession, farmland values have remained steady.
With little current market for residential development and worldwide demand for food continuing to rise, farmer have been holding onto their property. Depending on proximity to development, soil quality and water availability farmland has maintained its value. In addition, crop sales have been robust in sectors like walnuts and almonds – some ponder if 2 billion pounds of almonds a year will be enough to avert a shortage. With agricultural commodity prices strong and farmland values withstanding the pressures of a poor economy, agriculture is one of the few areas of the economy that is doing well.
Food production also promises to be an economic engine that will continue to offer returns long into the future as population increases and productive farmland worldwide is converted to urban and commercial uses.