For the first time in six years, the price of agricultural land has increased to just under €10,000/acre nationally. According to The Irish Farmers Journal’s annual land price magazine farmers remain the main players in the agricultural land market with many looking to expand and/or consolidate their farm enterprise.
A belief that land prices have bottomed out is now encouraging farmers to invest in land once again. Substantially more land came on the market in 2012, due in part to the increased confidence in farming and also an element of forced sales.
In the case of Tipperary:
· The average price for agricultural land in 2012 was €12,110/acre compared with €8,651/acre in 2011 representing a massive 40% within the 12 month period.
· In terms of the most land offered for sale across the Republic, Tipperary sits third with 4,951 acres behind Cork at 6,729 acres and Galway at 4,987 acres.
· A 40-acre parcel of good limestone land near Cashel made €610,000 or €15,250/acre at public auction.
· The average price paid for agricultural land in 2012 was €9,954/acre – up 14.3% on the average for 2011 at €8,708/acre
· The Irish Farmers Journal reports that 63,756 acres were offered for sale in 2012 – up by 31.4% on 2011
· Dublin had the highest average at €13,724/acre followed by Kilkenny at €13,203/acre and Kildare at €13,023/acre
· Leitrim had the lowest average at €4,517/acre followed by Mayo at €5,684/acre and Sligo at €6,446/acre
· 18 counties experienced a price increase while 8 counties experienced a price decrease in the average value for land last year
· Louth had the highest percentage price decrease at 27.6% followed by Kerry at 14% and Galway at 9.3%
· Tipperary had the highest percentage price increase at 40% followed by Wicklow at 33% and Clare at 33% also.
· The average price for agricultural land in Northern Ireland in 2012 was stg£8,843/acre (€10,850/acre) – slightly down from stg£9,207/acre in 2011
· Armagh recorded the highest average at stg£9,561/acre (€11,731/acre)
· Fermanagh had the lowest average at stg£7,538/acre (€9,249/acre)
· A total of 4,900.5 acres were offered for sale in Northern Ireland last year.