We investigate the determinants of agricultural land price in several regions in France during 1994-2011 using individual plots transaction data, with a particular emphasis on agricultural subsidies and nitrate zoning regulations. We found a positive but relatively small capitalisation effect of the total subsidies per hectare. The magnitude of capitalisation depends on the region, the type of subsidy, and the location of the plot in a nitrate surplus zone or not. Only land set-aside premiums significantly capitalise into land price, while single farm payments have a significant positive capitalisation impact only for plots located in a nitrate surplus zone.