Irelands land values declined by 1.1% from the beginning of January to the end of June, according to the latest data analysis from Sherry FitzGerald research.

In terms of regional price performance, the border region saw the largest reduction in prices in the year to date at 3.4%.

The weighted average price of farmland in the country, excluding Dublin, stood at approximately €8,800 at the midpoint of the year.

While the opening quarter, January to March, saw agricultural land values remain largely resilient, quarter two, from April to June, was the first full quarter impacted by the COVID-19 outbreak and national lockdown.

Farm types

The report found that here was little change in prime grassland values in the first six months of the year, reducing by a marginal 0.3%. Prime arable and marginal grassland farm types saw larger falls, but still at relatively modest levels of 1.7% and 1.5% respectively.

At the end of June, the weighted average price of prime arable land in Ireland was approximately €10,600 per acre and €9,900 for prime grassland.

Drop in supply

While there has not been a significant decrease in sales compared to the same period in 2019, there has been a notable drop in new supply being brought to the market.

Commenting on the report, Sherry FitzGerald associate director Philip Guckian said: “It appears so far that COVID-19 has not had any significant impact on agricultural land values.

“With supply levels already very low, this should certainly give confidence to vendors considering bringing farms to the market.”

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