Derelict properties can sometimes offer opportunities for developers, especially if picked up for a steal at auction – but prices can vary dramatically according to demand. We wondered how much money some of the world’s biggest abandoned spaces might fetch if planning permissions were approved and the land sold.
So, we set about calculating the hypothetical land value of seven intriguing abandoned places from around the globe, from derelict theme parks to uninhabited islands.
Surprisingly, some of these locations are situated near densely populated towns and cities, so one may expect they are in high demand from commercial developers or investors who would be queueing up to take a stake in the redevelopment, yet they have lain unused and decaying for decades.
We arrived at our estimated values of each site by estimating how many 90m2 apartments could be built on the total area. We then calculated the value of each apartment by sourcing local equivalent property prices and applying them in each location. We offset the allowance for open spaces by calculating property values based on developments of only one storey (i.e. not building vertically). Thus we arrived at a minimum estimated value of each site.