Land prices in Connacht
The Society of Chartered Surveyors Ireland / Teagasc Agricultural Land Market Review and Outlook Report 2022 has examined average values per acre in 2021 in Connacht/Ulster.
Its data (which focuses on non-residential farmland without entitlements) shows that land changed hands from €1,500/acre to €13,375/acre in this region last year.
According to the bodies, this was a drop from €5,000/acre and €9,500/acre in 2020.
The data shows that the least expensive land in Connacht/Ulster (and nationally) in 2021 was in Mayo (€1,500 per acre for plot sizes over 100-acres).
On the other end of the spectrum, the most expensive land on average in Connacht/Ulster in Donegal at €13,375 per acre (€9,500 in 2020) for parcels extending to less than 50-acres.
The data looks at plots of land, good quality and poor quality, that are less than 50-acres, between 50 and 100-acres and over 100-acres.
The SCSI Land Market Survey contains figures for Galway, Leitrim, Cavan, Mayo, Monaghan, Roscommon, Sligo, and Donegal.
Land prices in Connacht
The bodies acknowledge, in the report, that land values can vary for many reasons, including quality and location.
Values per acre by lot size also differ, as smaller lot sizes generally attract interest from a larger number of bidders.
Therefore, they achieve higher prices per acre compared with the price per acre for larger plot sizes.
Prices range from 45-100%
Based on the county-by-county data from SCSI agents, the price differential between average prices paid for land of good quality compared to poor quality could range from 45-100%.
The report states that “in other words, buyers of land can pay up to double the average rate per acre for good quality land in the same location, etc., compared to poor quality land”.
They noted that there are several reasons for this, including:
- Better soil fertility;
- Soil structure;
- Percolation qualities.
The report adds: “Typically, residential farms of less than 50-acres brought to the market are on average between 19% and 21% more expensive than non-residential farms of similar size.”
“For mid-sized residential farms, i.e., between 50 and 100-acres, the percentage premium can be between 17% and 18%.”
“For plot sizes over 100-acres with a residence, the average premium compared with a non-residential farm of a similar size is between 14% and 15%,” the report concludes.
Other articles on That’s Farming: