Estimating Land Valuation

Hello,

Does any know if their are any 'standard' guidelines for estimating the cost of residential zoned land? i.e. to estimate the cost of a site (relatively small) where the site would be used to build a single house. I know any estate agent/auctioneer will do this for you or you can estimated based on cost of land in the surrounding aree, but is there any formula or guideline of estimated cost per square meter, acre, hectare etc that is used to arrive at an estimated value? I can't find any information which indicates this, it generally seems to be based on current market trend relative to the location.

Any information would be gratefully received.

dj01

its worth whatever someone will pay, simple as that. there is no science involved. i know of one posh dublin auctioneers who employ someone to clip competitors ads and log auction results. they then guess the properties value based on the history of the area.