Supply of land well back in Cavan

The supply of land has dropped 27% in Cavan in 2017 even though prices have recovered slightly since 2016. Forty-seven farms incorporating 1,535 acres were supplied to the market in 2017, well back from the 67 farms or 2,104 acres in 2016. Interestingly, supply also fell in three other border counties last year. In terms of price, the average parcel sold for €6,817/ac last year, a 2% jump from the previous year.

In terms of the land supplied to the market, the majority – or 83% – were smaller parcels under 40 acres with seven parcels between 40 and 100 acres and just three over 100 acres.

Prices in the county ranged from €2,235/ac for a poorer-quality holding to €12,667/ac for a top-quality parcel of land in the west of the county.

Auctions were slow this year with private treaty and tenders more popular. Just seven auctions were held in Cavan, with three selling under the hammer and four withdrawn (one successfully selling after).

However, some impressive sales were seen at auction, with one of the more substantial being the 158ac auction of land at Glanadara, Coppanagh and Tierworker. Sold in seven individual lots to seven individual neighbours, it made €908,500 or €5,750/ac under the hammer. Other prices include €260,000 or €9,629/ac for 27 acres near Shercock and €277,000 €6,155/ac for a 45ac holding at near Crossdoney.

A 112ac farm near Bailieborough, which came to the market in the spring, was sold for an undisclosed sum, while a lovely smaller residential parcel also changed hands for €9,166/ac.

Thirty of the 47 farms sold in Cavan last year, which shows the demand is there. While lands offered did decrease, land price did recover following 8% decline seen in 2016. Many auctioneers in the county have cited supply being tight but demand high and this is reflective in the figures.

Vital statistics

*Based on 30 transactions

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