The amount of completed sales in the county dramatically increased last year with 59 transactions compared with 28 completed sales in 2016. Galway has the third most sales transactions in Ireland this year, behind Tipperary on 67 and Cork with 60.
2017 also saw some recovery to the reduced supply of land in 2016. Supply dropped dramatically from 4,552 acres in 2015 to 3,072 acres in 2016. Last year, figures show an improving 3,859 acres on the market, more than a 25% rise.
Average values continued to drop in the county, falling below €7,000/acre for the first time since 2014. This year shows an average price of €6,857/acre in Galway, a 4% decrease from the 2016 value of €7,157/acre.
As usual in Galway, the majority of holdings (75%) coming to the market were smaller parcels under 40 acres, though there was a relative demand for larger parcels, with over 40% of lands over 40 acres coming to the market selling successfully.
The highlight of the auction room this year was back in May when 120 acres in Cooloo near Moylough sold under the hammer for €1,305,000, or €10,875/acre. This superb residential farm surpassed all expectations and was bought by three local farmers with the intention to subdivide.
Other prices from Galway included €100,000 for 36 acres near Loughrea, 20 acres near Kilrickle for €5,500/acre or €110,000 and a smaller parcel was sold privately for €13,125/ac, after being withdrawn from auction.
Speaking with auctioneers, though transactions increased, the mood was slightly subdued in the county this year.
Another interesting trend cited was the number of farmers in west Galway using poorer land for entitlements and leasing land in the east of the county for grazing.
Vital statistics
*Average: €6,857/acreLand offered: 3,859 acresPrice range/acre: €1,514 to €14,889No of farms offered: 124Biggest farm offered: 180 acresWeighted average: €6,909/acre*Based on 59 transactions
Read more
Exclusive: €313m of farmland sold in 2017
Big jump in average land prices in Carlow
Another good year for the land market in Clare
The amount of completed sales in the county dramatically increased last year with 59 transactions compared with 28 completed sales in 2016. Galway has the third most sales transactions in Ireland this year, behind Tipperary on 67 and Cork with 60.
2017 also saw some recovery to the reduced supply of land in 2016. Supply dropped dramatically from 4,552 acres in 2015 to 3,072 acres in 2016. Last year, figures show an improving 3,859 acres on the market, more than a 25% rise.
Average values continued to drop in the county, falling below €7,000/acre for the first time since 2014. This year shows an average price of €6,857/acre in Galway, a 4% decrease from the 2016 value of €7,157/acre.
As usual in Galway, the majority of holdings (75%) coming to the market were smaller parcels under 40 acres, though there was a relative demand for larger parcels, with over 40% of lands over 40 acres coming to the market selling successfully.
The highlight of the auction room this year was back in May when 120 acres in Cooloo near Moylough sold under the hammer for €1,305,000, or €10,875/acre. This superb residential farm surpassed all expectations and was bought by three local farmers with the intention to subdivide.
Other prices from Galway included €100,000 for 36 acres near Loughrea, 20 acres near Kilrickle for €5,500/acre or €110,000 and a smaller parcel was sold privately for €13,125/ac, after being withdrawn from auction.
Speaking with auctioneers, though transactions increased, the mood was slightly subdued in the county this year.
Another interesting trend cited was the number of farmers in west Galway using poorer land for entitlements and leasing land in the east of the county for grazing.
Vital statistics
*Average: €6,857/acreLand offered: 3,859 acresPrice range/acre: €1,514 to €14,889No of farms offered: 124Biggest farm offered: 180 acresWeighted average: €6,909/acre*Based on 59 transactions
Read more
Exclusive: €313m of farmland sold in 2017
Big jump in average land prices in Carlow
Another good year for the land market in Clare
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