Data released by Sherry Fitzgerald has indicated that agricultural land values in Ireland continue to grow steadily with national values rising by 3.2%. According to its Agricultural Land Barometer the average price of an acre of farmland is approximately €10,050.
The company says that in a 12-month period values have increased 8.4% nationally, with this being the strongest growth recorded over a 12-month period since the land barometer began in 2013.
In the 12 months to the end of quarter one in 2022, the rise in values has been evident nationwide, with growth in agricultural land values noted across all regions. The border region recorded price growth of 16%, with the southeast and the southwest recording increases of 12.3% and 9.5%.
According to the data, prime grassland values increased by 9.5% in the 12 months to the end of the opening quarter, with marginal grassland recording similarly robust growth of 8.9%. Meanwhile prime arable land saw solid growth of 7.1%. At the end of March 2022, the weighted average price of prime arable land nationally, excluding Dublin, stood at approximately €11,960/ac.
Philip Guckian, associate director, Sherry FitzGerald Country Homes, Farms and Estates, says “although it is still early in the year, we are seeing healthy levels of activity in the market. We are also seeing a lot more farms come to market as the weather has improved.”
However, he warned there is real concern surrounding risings costs, both because of general inflation as well as fallout from the war in Ukraine.