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Agricultural lands, one of the limited natural resources, are essential because they are the lands, on which agricultural production is carried out. The determination of capitalization rate that is valid in the area, where the agricultural land is found, in making agricultural land valuation with respect to revenue method is an important phase of valuation. Rents of agricultural lands in an area and real transaction values recently in determining the capitalization rate, the valuation of characteristics of the land that is not added to those numerical values is required to determine a real value. Those factors that affect the capitalization rate are evaluated by the initiatives of valuation experts, attainment of a real value is not possible most of the time and consequently disagreements occur.
In this study, the capitalization rate valuation was calculated not for only an area but also characteristics of land on a parcel basis by evaluating the factors that affect the capitalization rate with grey relational analysis method. The factors that affect the capitalization rate varied from the proximity to city, the proximity to settlements, the proximity to road and population density to transportation possibilities, health possibilities, market possibilities, irrigation possibilities, land type, land market and rotation change possibility. Although the average capitalization rate of sample area was found as 6.2%, as a result of grey relational analysis, this rate was found between % 5.22-% 5.66 as separately for every parcel. By using this method, the capitalization rate and accordingly land value are determined as realistically.