After five years of falling land prices, Galway auctioneers and landowners finally saw a modest recovery in 2020.
Average price was €6,996, up from €6,556/ac in the previous year. It’s the first increase in average farmland price in the county in six years.
The result came on the back of a sharp fall-off in supply last year.
The number of holdings on our database was 61, down from 107 in 2019.
The total area offered fell in half to 2,000.4ac, down from 4,155ac.
As would be normal, over two-thirds were under 40ac in size, the balance over 40ac.
About two-thirds were non-residential, one-third of holdings were offered with a residence.
Private treaty
Also, as would be normal, landowners and their agents favoured private treaty over public auctions. Fifty of the 61 farms that came on the market were offered by private treaty and the other 11 by auction.
These auctions went well, with seven of the 11 seeing the property knocked down to a buyer under the hammer.
In all, half of the holdings that came on the market in Galway ended up being sold in the year, 29 in all.
The price range was from €1,229/ac to €14,844/ac. The total value of the land sold was €6.4m.
Buyers
Drystock and beef farmers are traditionally the strongest category of buyer in Galway.
However, last year they were beaten at the line by buyers in the business category which includes non-farming investors and business people who like to farm in their spare time. It’s quite a change for the county.
Mixed farmers, many of them sheep farmers with dry cattle or dairy, or both, bought a third of the farms that sold.
*Average: €6,996/ac Acres offered: 2,000.4 Total number of farms: 61 Price range: €1,229/ac - €14,844/ac Most active buyers: Mixed Weighted average: €6,726/ac *Based on 29 transactions
After five years of falling land prices, Galway auctioneers and landowners finally saw a modest recovery in 2020.
Average price was €6,996, up from €6,556/ac in the previous year. It’s the first increase in average farmland price in the county in six years.
The result came on the back of a sharp fall-off in supply last year.
The number of holdings on our database was 61, down from 107 in 2019.
The total area offered fell in half to 2,000.4ac, down from 4,155ac.
As would be normal, over two-thirds were under 40ac in size, the balance over 40ac.
About two-thirds were non-residential, one-third of holdings were offered with a residence.
Private treaty
Also, as would be normal, landowners and their agents favoured private treaty over public auctions. Fifty of the 61 farms that came on the market were offered by private treaty and the other 11 by auction.
These auctions went well, with seven of the 11 seeing the property knocked down to a buyer under the hammer.
In all, half of the holdings that came on the market in Galway ended up being sold in the year, 29 in all.
The price range was from €1,229/ac to €14,844/ac. The total value of the land sold was €6.4m.
Buyers
Drystock and beef farmers are traditionally the strongest category of buyer in Galway.
However, last year they were beaten at the line by buyers in the business category which includes non-farming investors and business people who like to farm in their spare time. It’s quite a change for the county.
Mixed farmers, many of them sheep farmers with dry cattle or dairy, or both, bought a third of the farms that sold.
*Average: €6,996/ac Acres offered: 2,000.4 Total number of farms: 61 Price range: €1,229/ac - €14,844/ac Most active buyers: Mixed Weighted average: €6,726/ac *Based on 29 transactions
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