The price of farmland rose by 15% in 2020 after a sharp drop in supply caused by the COVID-19 pandemic restrictions, the Irish Farmers Journal Agricultural Land Price Report 2020 has found.

The number of farms put up for sale collapsed by 29% compared to 2019 and the number of acres offered fell by 25%.

The drop was mainly due to concern among landowners that they would not get full market price because of COVID-19.

However, as the year progressed, it became clear that demand for land was as strong as ever.

Now, the Irish Farmers Journal can reveal that prices rose by 15% to average €10,316/ac, despite the restrictions.

The sharp drop in supply and jump in prices comes after five years of relative stability in the Irish farmland market.

There was variation around the country in how prices changed, as always. The average price rose in 17 counties and fell in nine.

Fewer big farms

In other changes, fewer big farms of over 200ac were put up for sale. It’s likely that the owners of these high-value properties feared they would not get the best possible price amid the disruptions of 2020.