Land Report: prices up in Sligo – again

Farmland prices have continued on their long-term rising trend in Sligo.

For the sixth year in a row, the report has recorded an increase in average farmland price in the county.

Average price in 2020 was €7,897/ac, up from €6,900/ac the year before. It was a 14.4% increase.

However, when it comes to supply of farmland, 2020 was radically different in Sligo.

While supply of land and farms on to the market fell in the majority of counties, Sligo had one of the largest drops.

Twenty-two farms were put on the market in the county last year, down from 62 in 2019. These farms were relatively small. The total area of land put up for sale was just 731ac. That was down from 2,176ac the year before.

Sligo farmers looking to expand had to sit on their hands in 2020. Any farmer who missed a deal in 2019 or 2018 has probably regretted it since.

Fifteen of the farms put up for sale were under 40ac. Six were between 40ac and 99ac.

One was over 100ac – and it went to a buyer living outside the country.

Six of the properties were residential, 16 non-residential. Eighteen of the properties were offered by private treaty.

Four were put up for sale by auction and two of these were sold at auction.

Fifteen of the 22 properties put up for sale were sold by year end.

Average price for the smaller properties was €8,124/ac and for the larger properties €7,273/ac.

Range

The range in prices was from €2,514/ac to €31,852/ac. The value of land sold was €4.2m.

Beef farmers – the category includes suckler, rearing and finisher farms – were the most active buyers, followed by the business category which includes all individuals not dependent on farming for their main income.

*Based on 15 transactions