The average price for non-residential farmland in 2024 was €14,728/ac, an increase of 6% from the year before according to a survey by the Real Estate Alliance group of its member auctioneers.

REA agents sold 98 farms last year – an increase of 8%. The total area sold was 3,034ac, up by 14%.

The total revenue generated from these transactions amounted to €44.7m an increase of 20% on the outcome of 2023. Private treaty sales accounted for 44% of all transactions, while 56% of sales were by auction.

The factors driving prices in 2024 included a shortage in the supply of land for sale, the looming changes in the Nitrates Directive, reasonable farm gate prices and the availability of finance, said John Stokes of REA Stokes and Quirke, who is chairman of REA.

Munster was the most active province for sales with 1,465 acres sold. The average price was €15,540/ac. “Agricultural land remains in high demand, with competitive bidding from local dairy farmers,” said Eoin Dillon of REA in Nenagh. “Demand is largely driven by these dairy farmers looking to comply with nitrates regulations.”

Revenue from land sales totalled €22.7m in Munster for REA agents

Leinster saw 916ac sold and the average highest price at €19,515/ac. “The buoyancy across all farming sectors, except tillage, was evident in the auction room,” said Thomas Potterton of REA in Trim, Co Meath. “Every piece of land I brought to auction this year sold.”

There was strong demand for smaller parcels in the southeast, said Matthew Conry of REA Dawson in Tullow. “Prices ranged from €13,000 to €25,000 per acre, depending on quality and location,” he said. Land sales totalled €17.8m in Leinster.

REA agents sold 467ac in Connacht, price averaged €6,570/ac and sales revenue totalled €3m. “There is an emerging market for hilly land, particularly ‘naked’ land without entitlements,” said Joe Brady of REA in Carrick-on-Shannon.

Ulster registered the lowest price at €5,281/ac.