Evaluación del impacto de las zonas de protección ambiental sobre el valor comercial del suelo rural: análisis espacial y econométrico en predios bajo administración de la sociedad de activos especiales SAE S.A.S en los departamentos de Córdoba y Antioquia.

Abstract

The Special Assets Company (SAE S.A.S.), as the managing entity for the assets of the Fund for Rehabilitation, Social Investment, and the Fight against Organized Crime (FRISCO), is responsible for managing more than 10,500 rural properties. A significant proportion of these properties overlap with protected areas of the National Registry of Protected Areas or with areas of hydrological importance. During an internship at the SAE's Directorate of Analytics, Preparation, and Valuation, a recurring problem was identified: significant discrepancies in the appraisal of environmentally protected lands with similar ecosystem characteristics and locations. This inconsistency stems from the asymmetry of the rural land market and the methodological limitations of conventional valuation approaches, which do not adequately incorporate the economic impact of ecosystem services or the regulatory restrictions on land use. In response to this problem, this undergraduate thesis aims to formulate and apply an econometric and spatial methodology to quantify the net impact of environmental protection zones on the market value of rural land. The study is limited to properties managed by the SAE (Special Assets Society) in the departments of Córdoba and Antioquia, analyzing appraisals carried out between 2021 and 2025. Through a rigorous process of integrating and refining cadastral, property, environmental, and market databases, a phased methodological design was implemented. This ranged from the exploratory analysis of spatial data and traditional hedonic pricing models to the calibration of advanced spatial econometric models. This methodological transition allowed for the isolation of the global effects of regulatory restrictions and, crucially, the capture of local heterogeneities in the real estate market across the territory. The results demonstrate the satisfactory achievement of the stated objectives, generating findings of high theoretical and operational value. The research overcomes the biases of traditional appraisal methods and provides a robust technical tool. This advancement equips the SAE with analytical instruments to conduct more accurate and equitable appraisals, aligning real estate valuation with the principles of environmental sustainability and the efficient management of public assets.