Sherry Fitzgerald’s Agricultural Land Review 2022 revealed that last year’s land prices experienced their largest growth in value since the company began recording prices on its Agricultural Land Barometer in 2013.

The weighted average price per acre of farmland at the end of 2022 stood at approximately €10,843/ac, up from €9,279 at the beginning of the year. This demonstrates a strong finish to the year as the average price of farmland nationally at the end of September was €10,570/ac.

Price rose throughout the country in 2022, with the midlands being the standout region, experiencing a 21.9% increase in agricultural land prices per acre.

The southwest (+16.6%), midwest (+12.9%) and mideast (+11.1%) all experienced rises in excess of 10%, with the growth in each region respectively being more than double that seen in 2021.

Commenting on the results of the report, Sherry Fitzgerald’s associate director of country farms, homes and estates Philip Guckian, said: “The growth in land values seen in 2022 will come as no shock given the exceptional performance seen across the agricultural sectors. Dairy, tillage and cattle farms have had one of the most successful years in recent history, despite the unstable economic climate.

“Land values across the country experienced growth of 11.5% in 2022, overshadowing the distinguishable growth seen throughout 2021. This will come as an encouraging sign for potential vendors who are looking to offload their lands.

“There is also an increasing appetite for land from non-farming buyers who are looking to extend their outdoor space, aided by an increase in Irish household savings.

“We expect 2023 to be another strong year for the agricultural land market.”