Irish farmland prices increased to the highest level since the Celtic Tiger in 2022. The Irish Farmers Journal Agricultural Land Price Report 2022 has revealed a 2.7% increase in land prices to average €12,288/ac.

Business buyers, those who are not full-time farmers, dominated the market, with land purchases being subsidised by non-farming income. Business buyers accounted for 43% of farms sold in 2022, more than double the 18% of five years ago.

The most expensive farmland in the country is in Leinster with counties Dublin, Carlow, Kildare and Wicklow leading the way, while the least expensive land was in Leitrim, Cavan, Sligo and Longford.

It was a year of buoyant demand, with dairy farmers seeking more ground and increased demand for land for forestry planting.

Price rises are likely to have been tempered by the war in Ukraine, interest rate increases and warnings of recession.

Tillage farmers paid the highest average land price last year at €15,840/ac. Business buyers paid €13,622/ac, while dairy farmers paid €13,246/ac. Cattle farmers paid €10,792/ac and sheep farmers €7,163/ac.