Average value of Irish farm land drops €500 an acre

first_imgTHE AVERAGE PRICE paid for farm land in Ireland fell by €500 per acre last year.It was expected that the average value of agricultural land would break €10,000 per acre in 2013, instead it fell to €9,400.The national average price paid for agricultural land in 2012 was €9,954 per acre.That’s a 5.6 per cent drop.The figures were published today in the Irish Farmers Journal Agriculture Land Price Report.Supply and DemandThe report says that supply has recovered to pre-recession levels with almost 75,000 acres offered for sale in 2013.“Today, the market is dominated by executor and receiver/NAMA sales.There is still strong demand for land from farmers, along with increased interest from ex-pats, overseas customers, and a new type of buyer – returning Irish emigrants.Going going…goneThe Farmers Journal report shows that 74,862 acres were offered for sale in 2013, that’s up by 17.4 per cent on 2012.Dublin had the highest average at €16,115 per acre, Kildare was next in line at €13,114 per acre and Louth was third at €12,628 per acre.On the other end of the spectrum, Leitrim had the lowest average at €4,156 per acre followed by Mayo at €5,145 per acre and Sligo at €5,879 per acre.Read: Agricultural land prices fall by over 50 per cent in the past four years>Read:last_img read more