Every piece of land is different, and prices vary in different areas. Land values from nearby or adjoining parcels have a more constant relationship to one another.
There are different factors that influence the final price that a parcel of land is worth. One of the main considerations is its size. Parcels that are large in size have a higher value than those that are smaller. It is of importance to confirm the boundaries of your plot of land at the Lands Office, before determining the price, to avoid any inconveniences in the future.
Location, Location, Location. The value of land is greatly determined by the quality of its location and its surrounding areas. The neighbouring developments and availability of social amenities such as shopping centres, schools and hospitals, just to mention a few, greatly increase the price of land. Thus a parcel of land located near a city, town or developing area will be considered as more valuable than one in a deserted area. Moreover, accessibility to the land and nearby transport networks increase the value of the land due to the added advantage of convenience.
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