The Irish Farmers Journal Agricultural Land Price Report is based on 1,654 farms/land parcels put on the market by private treaty, public auction and tender throughout the country in 2015.
These farms amount to 74,629 acres offered for sale and comprised a mix of tillage land, grazing ground, hill land and commonage. The 846 completed transactions represent the highest number of sales recorded since the inception of the Irish Farmers Journal Agricultural Land Price Report nine years ago. These transactions amount to 35,959 acres recorded as sold (48.2% of total land offered) and were used to calculate the national average of €8,914/acre. The following was recorded for each farm/land parcel offered for sale:
Property size (in acres)AddressWhether it was a residential or non-residential property (if a farm has a derelict house, it is classified as residential; if it has planning permission only, it is classified as being non-residential)Method of sale: private treaty, public auction or tender.For a public auction sale, we recorded if the farm sold under the hammer or was withdrawn at auctionEntitlements, forestry, guide price, etc. The selling price, where possible
A number of criteria were used when selecting farms for our database:
Parcels under 10 acres were excluded (unless they formed part of a larger holding and the sale price was disclosed).Farms that contained a section of forestry were included; those that were completely planted were excluded.A number of land parcels near towns and villages with and without zoning which were being offered for sale as agricultural were included. Where it was stated that the buyer was a developer, these parcels were not included in our analysis.In terms of selling price, only land that sold under the hammer on the day of auction was recorded. Any farms withdrawn at auction and sold privately afterwards were excluded, unless the actual sale price was disclosed. Private treaty and tender sales were also recorded, if made available. This year’s report includes 846 completed sales – 482 of these were derived from private treaty sales, 229 were public auction results while a further 134 farms that were withdrawn at auction sold afterwards in a private deal. There was just one tender result.
At least 10 or more completed transactions were recorded for each of the 26 counties. In terms of most completed sales, Cork topped the table at 77 followed by Roscommon at 61, Cavan at 52 and Limerick at 50. The average figure for each county is not enterprise specific, nor does it differentiate between residential and non-residential properties. It also doesn’t differentiate between good and marginal-type land.
When referring to Ulster, we have incorporated Cavan, Monaghan and Donegal only.
Northern Ireland
The compilation of the Northern Ireland statistics is slightly different. Northern Ireland statistics are based solely on the acres sold (as opposed to being offered for sale). The figures for the 26 counties in the Republic refer to land offered for sale in each county and land sold (nationally only).
The average price for each county is substantially influenced by the quality, location, access and the size of each land parcel that is offered for sale. More importantly, it is significantly affected by the purchasing power of the neighbour/local farmers. Consequently, prices can fluctuate from year to year depending on what is offered for sale and who is in the vicinity to buy it.
This report gives a credible indication of average land values in each county for 2015. It allows us to draw a comparison with the 2014 market, indicating the decrease or increase over the previous 12 months. It also shows the average price trends from 2007 to 2015. For the past six years in the Republic, average values have failed to gain any major ground since prices collapsed in 2009 to €10,200/acre. Since 2010, the national price of land hasn’t hugely deviated, ranging from €8,700/acre to €9,900/acre. This would suggest that while taking account of regional fluctuations, land values appear to have settled and could stay at this level for some time.
Average of
averages
The primary county and national averages used in this report are stated as being the average of averages. This is the sum of the average price per acre for each farm that sold divided by the number of farms that sold. The national average of averages for 2015 was €8,914/acre – down 9.9% on 2014.
Weighted
average
The weighted average is the sum of the full value of each farm that sold divided by the total number of acres that sold. To put it into context, a 200-acre farm that makes €1.4m (€7,000/acre) will have a stronger weighting on the average than a 20-acre farm that makes €240,000 (€12,000/acre) because more acres sold at the lower price. The national weighted average for 2015 was €8,785/acre.
A comprehensive breakdown of agricultural land prices in each county and is available exclusively inside the Irish Farmers Journal newspaper from Thursday 10 March 2016, as well as online for digital paid subscribers at www.farmersjournal.ie. Don't miss this FREE 72-page guide to agricultural land prices across Ireland!
The Irish Farmers Journal Agricultural Land Price Report is based on 1,654 farms/land parcels put on the market by private treaty, public auction and tender throughout the country in 2015.
These farms amount to 74,629 acres offered for sale and comprised a mix of tillage land, grazing ground, hill land and commonage. The 846 completed transactions represent the highest number of sales recorded since the inception of the Irish Farmers Journal Agricultural Land Price Report nine years ago. These transactions amount to 35,959 acres recorded as sold (48.2% of total land offered) and were used to calculate the national average of €8,914/acre. The following was recorded for each farm/land parcel offered for sale:
Property size (in acres)AddressWhether it was a residential or non-residential property (if a farm has a derelict house, it is classified as residential; if it has planning permission only, it is classified as being non-residential)Method of sale: private treaty, public auction or tender.For a public auction sale, we recorded if the farm sold under the hammer or was withdrawn at auctionEntitlements, forestry, guide price, etc. The selling price, where possible
A number of criteria were used when selecting farms for our database:
Parcels under 10 acres were excluded (unless they formed part of a larger holding and the sale price was disclosed).Farms that contained a section of forestry were included; those that were completely planted were excluded.A number of land parcels near towns and villages with and without zoning which were being offered for sale as agricultural were included. Where it was stated that the buyer was a developer, these parcels were not included in our analysis.In terms of selling price, only land that sold under the hammer on the day of auction was recorded. Any farms withdrawn at auction and sold privately afterwards were excluded, unless the actual sale price was disclosed. Private treaty and tender sales were also recorded, if made available. This year’s report includes 846 completed sales – 482 of these were derived from private treaty sales, 229 were public auction results while a further 134 farms that were withdrawn at auction sold afterwards in a private deal. There was just one tender result.
At least 10 or more completed transactions were recorded for each of the 26 counties. In terms of most completed sales, Cork topped the table at 77 followed by Roscommon at 61, Cavan at 52 and Limerick at 50. The average figure for each county is not enterprise specific, nor does it differentiate between residential and non-residential properties. It also doesn’t differentiate between good and marginal-type land.
When referring to Ulster, we have incorporated Cavan, Monaghan and Donegal only.
Northern Ireland
The compilation of the Northern Ireland statistics is slightly different. Northern Ireland statistics are based solely on the acres sold (as opposed to being offered for sale). The figures for the 26 counties in the Republic refer to land offered for sale in each county and land sold (nationally only).
The average price for each county is substantially influenced by the quality, location, access and the size of each land parcel that is offered for sale. More importantly, it is significantly affected by the purchasing power of the neighbour/local farmers. Consequently, prices can fluctuate from year to year depending on what is offered for sale and who is in the vicinity to buy it.
This report gives a credible indication of average land values in each county for 2015. It allows us to draw a comparison with the 2014 market, indicating the decrease or increase over the previous 12 months. It also shows the average price trends from 2007 to 2015. For the past six years in the Republic, average values have failed to gain any major ground since prices collapsed in 2009 to €10,200/acre. Since 2010, the national price of land hasn’t hugely deviated, ranging from €8,700/acre to €9,900/acre. This would suggest that while taking account of regional fluctuations, land values appear to have settled and could stay at this level for some time.
Average of
averages
The primary county and national averages used in this report are stated as being the average of averages. This is the sum of the average price per acre for each farm that sold divided by the number of farms that sold. The national average of averages for 2015 was €8,914/acre – down 9.9% on 2014.
Weighted
average
The weighted average is the sum of the full value of each farm that sold divided by the total number of acres that sold. To put it into context, a 200-acre farm that makes €1.4m (€7,000/acre) will have a stronger weighting on the average than a 20-acre farm that makes €240,000 (€12,000/acre) because more acres sold at the lower price. The national weighted average for 2015 was €8,785/acre.
A comprehensive breakdown of agricultural land prices in each county and is available exclusively inside the Irish Farmers Journal newspaper from Thursday 10 March 2016, as well as online for digital paid subscribers at www.farmersjournal.ie. Don't miss this FREE 72-page guide to agricultural land prices across Ireland!
This is a subscriber-only article
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