Overall agricultural land values decreased by 0.2% in 2020, according to the Sherry FitzGerald agricultural land barometer, which pools sale results from the group’s almost-100 offices.
The first quarter saw prices back slightly but the group experienced strong growth later in the year.
A combination of deflationary pressures stemming from 2019 saw values decline in the opening part of the year before COVID-19 further restricted market activity.
The easing of restrictions later in the year saw values increased by 1% in the fourth quarter, this was the strongest rate of quarterly growth since 2015.
While the necessary health restrictions implemented to curb the spread of the virus undoubtedly had adverse implications for the economy and the land market
“The land market showed enormous resilience in 2020, in the face of a once-in-a-century global crisis,” said associate director Sherry FitzGerald Country Homes, Farms/Estates, Philip Guckian.
“While the necessary health restrictions implemented to curb the spread of the virus undoubtedly had adverse implications for the economy and the land market, overall prices have held largely firm.
Last year, we sold 30 properties between €750,000 and €3.5m, with many properties exceeding their asking prices significantly with competitive bidding.”
Among the properties on offer with Sherry FitzGerald Country Homes, Farms/Estates was Rathcoffey Castle and Farm, Rathcoffey, Co Kildare.
With an asking price of €2m, this excellent farm of approximately 224.5ac of highly productive agricultural lands near Maynooth, Co Kildare, exceeded expectations.
Bidding was reported as very brisk on this property and while guided at €2m it sold for a figure closer to €3m.
Further down the east coast an exceptional 155ac farm at Quitchery, Ballymitty, Co Wexford, was on the books of Sherry FitzGerald Radford, New Ross.
It had an asking price of €1.55m and exceptional facilities along with a derelict stone farmhouse and road network.
Within a five-minutes drive of Wellington Bridge, this property with a centrally positioned farmyard and cubicle house would be well suited as a dairy farm.