The average price of farmland remained steady throughout 2015 but the amount of land that actually sold was down, according to the 23rd Agricultural Land Survey compiled by Ganly Walters, Dublin, which was just released this week.

Although national prices continued to stabilise, significant price variations were experienced in different segments of the market and, in particular, for bigger parcels.

According to the survey, the national price paid for farmland last year was €10,336/acre, which represents a 1.8% decrease on 2014 when the average stood at €10,526/acre. With the exception of the southeast region where prices remained steady, all other regions experienced price decreases. The biggest percentage drop was recorded in the west/northwest region at 10.3%, followed by the Dublin/Kildare/Wicklow region at 9.4%. Prices in the southwest fell by 5.7% while slight decreases were both recorded in the midlands (2%) and the northeast region (2.6%).

However, despite a 9.4% price decrease, land in the Dublin/Kildare/Wicklow region continues to be the most expensive in the country, at an average of €12,740/acre. In contrast, land in the west and northwest recorded the lowest average at €5,942/acre.

On a provincial level, Leinster recorded the highest average at €10,603/acre, followed by Munster at €10,122/acre, Connacht at €5,813/acre and Ulster at €5,668/acre.

The Ganly Walters 2015 survey is based on 209 auction and private treaty sales which amounted to 13,622 acres recorded as sold last year (which is down 4.3% on 2014). These 209 farms sold for a combined value of €140.8m.

Dublin/Kildare/Wicklow

The Dublin/Kildare/Wicklow region saw some premium prices paid for larger farms throughout 2015, while a number of smaller parcels experienced a price fall. The overall average for this region stood at €12,740/acre last year – down 9.4% on the previous year when the average stood at €14,064/acre. However, clear variations were recorded within the various farm size categories.

In the 20- to 49-acre category, the average stood at €11,227/acre (down from the 2014 average of €11,890/acre). This category included the sale of 32 acres at Clough, Baltinglass, Co Wicklow, which sold for €480,000 or €15,000/acre.

The average price paid for farms ranging from 50 to 99 acres was €9,790/acre – down from €10,009/acre in 2014, while just two sales were recorded in the 100- to 199-acre category at an average price of €12,220/acre.

But it was the big farms comprising 200 acres or more that generated the highest average at €14,940/acre. However, despite the strong result, the 2015 average was still down by 20% on 2014 when the average paid for 200-acre plus farms was €18,745/acre.

A total of 33 transactions were recorded in the Dublin/Kildare/Wicklow region which amounted to 2,706 acres recorded as sold.

Midlands

Average prices in the midlands (Meath/Westmeath/Offaly/Longford and Laois) fell by 2% to €8,859/acre in 2015. This compares to an average of €9,045/acre in 2014.

Decreases were also recorded across three of the four farm size categories. The average price paid for 20- to 49-acre parcels was €9,575/acre (down from €10,627/acre in 2014) while 50- to 99-acre farms averaged €10,094/acre (slightly down from €10,218/acre the previous year). This category included the sale of 91 acres at Skeagh, Co Laois, which sold for €770,000 or €8,400/acre).

The average value for 100- to 199-acre farms also fell from €8,450/acre in 2014 to €7,965/acre in 2015, while, in contrast, the average price for 200-acre plus farms recorded an increase to €7,778/acre (up from €6,876/acre in 2014). This category included the sale of 408 acres at Little Budds, Dysart, Co Westmeath, which sold at auction for €1.95m.

There were a total of 62 sales recorded in the midlands last year.

Southwest

The southwest, which takes in Cork, Tipperary, Kerry and Limerick, also experienced a price fall of 5.7%. Average prices went from €10,943/acre in 2014 to €10,322/acre in 2015. This region recorded a total of 40 transactions which amounted to 3,078 acres recorded as sold.

The average price for a 20- to 49-acre parcels in the southwest last year was €10,735/acre (down from €11,380/acre in 2014) while the 50- to 99-acre bracket recorded a 4.9% increase to average €11,249/acre in 2015.

However, the average price for 100- to 199-acre farms fell from €10,795/acre in 2014 to €9,664/acre last year.

Southeast

The price of farmland remained steady in the southeast (Kilkenny, Wexford, Carlow and Waterford) throughout 2015 where the average of €10,300/acre was almost identical to the 2014 average of €10,226/acre. Interestingly, many categories recorded price increases.

It was the smaller lots that commanded the highest prices in the southeast. Parcels ranging from 20 to 49 acres averaged €13,835/acre – up from €12,945/acre in 2014 – while 50- to 99-acre farms also experienced a price rise, going from an average of €8,561/acre in 2014 to €9,682/acre last year.

Bigger lots comprising 100 to 199 acres jumped from €9,012/acre in 2014 to €11,835/acre in 2015, while 200-acre plus averaged €8,527/acre.

This region recorded a total of 38 transactions.

Northeast

Land values fell by 2.6% in the northeast region (Louth, Cavan and Monaghan) to average €10,576/acre in 2015 (down from €10,868/acre in 2014). The supply of land brought to the market in the northeast was down on previous years, resulting in less land changing hands. However, the average price for 20- to 49-acre parcels recorded a significant jump from €9,271/acre in 2014 to €12,011/acre in 2015, while just two sales were recorded in the 50- to 99-acre category to average €9,556/acre (compared to €12,254/acre in 2014). This category included the sale of 70 acres at Dunany, Co Louth, which sold for €800,000 or €11,400/acre.

West/northwest

The price of farmland in the west and northwest region (Donegal, Sligo, Leitrim, Mayo, Roscommon, Galway and Clare) fell by 10.3% to €5,942/acre. This compares to an average of €6,622/acre in 2014. A total of 31 transactions were recorded in the region, which amounted to 1,820 acres recorded as sold.

Interestingly, the average value of 50- to 99-acre farms experienced a substantial jump going from €5,005/acre in 2014 to €7,062/acre last year. Bigger blocks comprising 100 to 199 acres averaged €5,500/acre – down from €5,824/acre in 2014.