Market activity in Co Monaghan increased significantly over the course of 2014 with an increase in the value of land coupled with a major jump in the supply of land offered for sale. A total of 61 farms incorporating 1,888 acres were brought to the market during the year. This is up a whopping 38.6% on the 1,362 acres offered for sale in 2013.
The greater supply of land on the market certainly didn’t dampen the average price in Monaghan, which stood at €9,384/acre for 2014 – an increase of 7.5% from the 2013 average of €8,730/acre.
A total of 25 completed sales were recorded during the year. Prices ranged from €1,049/acre for a 42.89 acre holding of average land that included 12 acres of bog to a top of €40,000/acre for a 17.5 acre parcel with development potential near Carrickmacross.
In the main, good-quality agricultural land in Monaghan made between €7,500/acre and €11,000/acre, although there were a number of instances where up to €16,000/acre was paid for small good-quality holdings.
Just five farms sold under the hammer at public auction during the year including 23.8 acres near Scotstown which made €180,000 or €7,563/acre; a 10 acre parcel outside of Newbliss that fetched €7,921/acre; while a top-quality grass and tillage holding extending to 50 acres at Mullaghmacateer, Carrickmacross, sold for €500,000 or €10,000/acre.
A 25 acre holding of prime agricultural land overlooking the lake at Emyvale also made a strong price when it was knocked down at €370,000 or €14,800/acre.
Auctioneers in Monaghan reported that while finding good quality land to sell remains a challenge, it generally attracts very strong competition once brought to the market.
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