Prices paid for agricultural land in Tyrone last year rose by 10%, or £1,257/ac, to an average price of £13,858/ac.
Although it marks the smallest price rise across NI counties, the land market in Tyrone still pushed on by a considerable margin last year and the average land price in the county is now 36% higher than it was two years ago.
Tyrone is in third place across NI counties for average land price, down from second place in last year’s land report. When ranked across the entire island, the Red Hand County is unchanged in sixth place.
There were 3,254ac publicly advertised for sale in Tyrone last year, an increase of 8% on 2021.
The total area of land on the market in Tyrone equates to 0.67% of the county’s total grassland and arable area. Overall, there were 115 agricultural properties offered up for sale during 2022, with the average lot equating to 28ac.
A dwelling house or building site was included with 20% of agricultural properties that were advertised in Tyrone last year, and so 80% of farms were non-residential.
The top price recorded in our survey for the county was £23,300/ac for a 10ac block of bare land in the west of the county. A similar price was paid for a 20ac parcel of land in the south. The lowest price was £7,853/ac for a 20ac block in west Tyrone, and there were several other examples of land in the same area changing hands for around the £8,000/ac mark.
Our survey found 19% of land sales in the county were under £10,000/ac, and 32% fell within the £10,001-£15,000/ac bracket. Over a third of sales were between £15,001-£20,000/ac and 14% over £20,000/ac.
Average price: £13,858/ac (€16,250/ac)
Price range: £7,853/ac to £23,300/ac
Total area offered up: 3,254ac
Number of farms offered: 115
Average lot size: 28ac
Biggest farm offered: 262ac
Transactions surveyed: 31