32,990-acres of agricultural land sold in Ireland in 2017 for a total value of €161.1 million at a median price of €6,626, according to Central Statistics Office (CSO).
The CSO published its Agricultural Land Prices 2017 yesterday (Friday, October 26th), outlining the volume; value and price of agricultural land transactions in Ireland.
Data published by the CSO outlined that this volume of agricultural land sold represented 0.3% of all the available agricultural land in Ireland and there was a 2.9% drop in the volume of agricultural land sold when compared with 2016.
The mean price in 2017 was €4,883/ acre with a mean transaction size of 20.7-acres, the CSO claims.
There was a large difference in the price of arable land and permanent grassland in Ireland.
Arable land made up 3.65% of the total agricultural land sold in Ireland; however, it accounted for 7.58% of the total value of agricultural land sold.
Permanent Grassland accounted for 96.35% of the total agricultural land sold in Ireland and it made up 92.42% of the total value of agricultural land sold.
The national median price of arable land was €10,507/acre, while permanent grassland was €6,390/acre.
Outside of Dublin, the most expensive price /acre of arable land was in the Midland region with a median price of €11,124 /acre in 2017.
The highest median price per acre of permanent grassland was also in the Mid-East at €9,301/acre, according to the CSO.
The lowest price per acre for arable land was in the South-East region with a median price per acre of €9,672 /acre and the lowest price /acre for permanent grassland was in the West region at €4,424 /acre.
The largest difference in median price between arable land and permanent grassland was in the Border region where arable land cost €3,548 more /acre than permanent grassland.
Median Price/acre by region
- The Mid-East - the most expensive place to purchase land in 2017, with a median price of €9,488/acre;
- The West region - the least expensive region with a median price of €4,424/acre.
- The South-East - the region with the highest mean price/acre of agricultural land with an acre of land selling at a mean price of €9,236 in 2017;
- The Border region - the lowest mean price /acre; an acre of land was €2,783.
Number of transactions
- The West - the highest number of agricultural land transactions in 2017 with 432 transactions;
- The South-East - the lowest number of transactions with 111 transactions
- The Mid-East - the region with the largest area of arable land sold with 484 acres;
- The West - highest volume of permanent grassland sold with 9,070-acres.
- The Mid-East - the highest value of arable land sold in 2017 with a total value of €5.11 million.
- The West - the highest value of permanent grassland sold with a total value of €25.64 million.
Image source: CSO