The latest findings of the Ganly Walters agricultural land survey reveal that land prices have remained steady over the past 12 months. The average price paid in 2014 was €10,526/acre, a marginal increase of 0.01% on the €10,500/acre in 2013.

The survey also found that while prices remained steady, the amount of land that changed hands throughout 2014 was 16,849 acres, a 25.4% increase on 2013 levels.

Ganly Walters puts much of this increase down to a greater availability of smaller parcels of land, while fewer large farms came to the market and sold in 2014.

A total of 596 farms, equating to 43,000 acres, were offered for sale on the open market in 2014, which is roughly in line with 2013. Of these 596 farms offered, 248 are reported as sold.

Based on these reported sales, Ganly Walters estimates the total value of land sales in 2014 was more than €177.3m.

“At a time of uncertainty in the beef and dairy sectors, stable land prices can provide some assurance to those farmers seeking land in order to attain productivity increases,” said Robert Ganly, managing director of Ganly Walters.

Looking at the average price for each region, land values decreased substantially in the southeast, west and northwest. However, the northeast and southwest recorded significant increases on last year’s average land prices.

Dublin/Kildare/Wicklow

Unsurprisingly, the highest regional prices for land were recorded in Dublin, Kildare and Wicklow, at an average of €14,064/acre. This represents a marginal slip of 0.2% on the average price of €14,427/acre paid in 2013. A total of 42 sales, equivalent to approximately 3,120 acres, were recorded in Dublin, Kildare and Wicklow last year.

The average selling price for smaller- and medium-sized farms in the region dropped significantly in 2014. Farms extending between 20 and 49 acres in size achieved an average selling price of €11,227/acre, a sharp decrease from the €14,775/acre in 2013. Similarly, holdings between 50 and 99 acres in size averaged just over €10,000/acre, a significant drop from the €14,143/acre average in 2013.

The price decreases for smaller holdings was offset by the sale of larger farms (200 acres or more), which commanded premium prices at an average selling value of €18,745/acre.

One such estate sold in 2014 was Blackditch House and Farm in Newcastle, Co Wicklow. The 204.7-acre home was sold by Ganly Walters in July for a price in the region of €3.7m.

Midlands

The midlands region (Meath, Westmeath, Offaly, Longford and Laois) also recorded a slight dip in the average selling price, reaching €9,045/acre – compared with €9,202/acre in 2013.

In all, there were 67 recorded sales from the 158 farms advertised for sale throughout the year.

Smaller farms achieved the strongest price growth, while larger holdings were back in price on 2013 levels. Parcels between 20 and 49 acres in size averaged €10,627/acre, an increase on the €9,967/acre average in 2013.

Any farms between 50 and 99 acres in size also increased in the average selling price for 2014 to €10,218/acre from the €9,256/acre in the previous year. Four farms over 200 acres in size were sold throughout 2014 in the region, at an average price of €6,876/acre – down from €8,615/acre in 2013.

One of the largest farms sold in the midlands in 2014 was Clonbeale House situated in Rath, Birr, Co Offaly. Sitting on 280 acres, the farm was sold by private treaty for an undisclosed sum.

Southwest

Both values and volumes of sales increased in the southwest region, which includes counties Cork, Tipperary, Limerick and Kerry. More than 11,600 acres were brought to the market throughout the year, with approximately 3,410 acres changing hands in 57 transactions.

The average price of land in the region recovered to €10,943/acre, after it had plummeted to €9,204/acre in 2013.

The strongest county in the region was Tipperary, which averaged a selling price of €13,023/acre. In all, 29 sales were recorded throughout the year in Tipperary, equating to over 1,600 acres.

Small parcels (20 to 49 acres) averaged €11,380/acre for 2014, a good increase on the €10,437/acre average in 2013.

In the 100 to 199 acre category, seven sales were recorded in the region, with prices averaging €10,795/acre, a marked improvement from the €7,332/acre average paid for holdings of this size in 2013.

During the year Ganly Walters sold the historic Dripsey Castle in Dripsey, Co Cork. The property, which includes 110 acres of tillage and grassland, was sold by private treaty for an undisclosed sum.

SouthEast

There were 33 recorded sales in the southeast region (which encompasses Kilkenny, Carlow, Wexford and Waterford) throughout 2014. The selling price for land in 2014 averaged €10,226/acre, a 14.5% decrease on the 2013 average of €11,959/acre.

Smaller parcels fetched the strongest prices in the region, with holdings between 20 and 49 acres in size making an average of €12,945/acre.

Farms in the 50 to 99 acre category averaged €8,561/acre in 2014, down from the 2013 average of €11,062/acre.

The average price in the 100 to 199 acre bracket was also down in 2014 at €9,012/acre – compared with €11,714/acre in 2013.

NorthEast

The strongest regional average price increase was recorded in the northeast for counties Louth, Cavan and Monaghan. With land averaging €10,868/acre for 2014, this equates to a 35.7% increase on the 2013 average of €8,011/acre.

In saying this, 2013 was the worst year for land prices in the region since the recession.

In total, over 1,400 acres changed hands throughout the year from 23 recorded sales. The average price for farms between 20 and 49 acres remained relatively steady at €9,217/acre. The major improvement in prices occurred for larger holdings.

Farms in the 50 to 99 acre category averaged €12,254/acre, compared with the lowly average of €4,973/acre for 2013.

Only one farm in the 100 to 199 acre category was sold in the region, giving an average of €12,035/acre, compared with €9,807/acre in 2013.

West and Northwest

In the west and northwest (covering counties Clare, Galway, Roscommon, Mayo, Sligo, Leitrim and Donegal), 26 land sales extending to 2,023 acres were recorded for 2014.

The average price paid for land in the region was €6,622/acre, substantially down from the €8,557/acre average in 2013.

Smaller parcels in the 20 to 49 acre bracket recorded the strongest prices during 2014, with an average of €7,964/acre.

Farms between 50 and 99 acres in size recorded a severe slump, with prices averaging just over €5,000/acre – almost half the 2013 average of €9,722/acre.

In the largest category for holdings over 200 acres an average of €7,647/acre was paid in 2014.

The most notable sale in the region throughout the year was Tulira Castle in Ardrahan, Co Galway. Sitting on 256 acres, the stunning property was sold privately by Ganly Walters.

Provinces

Using the same findings, the survey also examined average land values on a provincial basis for 2014. Once again, Leinster recorded the highest average at €11,102/acre, followed by Munster at €10,713/acre.

Average prices fell both in Ulster (€9,983/acre) and in Connacht (€7,004/acre).

Note: The Ganly Walters survey excludes parcels of land under 20 acres, unless it was specifically stated that the property was bought by a farmer. The survey is based on reported land sales from national farming newspapers.