Determinants of Land Values in Cebu City, Philippines

The land is a key asset in wealth creation. It is one of the three sources or factors of production. Since 2008, Cebu City has experienced a continued real estate boom and urban growth. Growth begets a myriad of problems such as traffic congestion, housing backlog, and unemployment. Land values are possibly the most fundamental factor in urban development planning. Understanding the determinants of land value is a basic requirement in policy making and in addressing the problems. This study will examine the 31 determinants of land value such as accessibility to transportation, neighborhood, distance to the city center, neighborhood, and others. The findings of this research could be helpful in urban planning policy and decision-making processes. In particular urban planners, investors, land owners, brokers, and valuers could use this model to evaluate the current situation and helps in determining residential land prices.