Farmland prices fall by 43% in 2009, but levelling off predicted

SALES of Irish farmland fell significantly in 2009 for the third year running, but there should be a levelling off by the end of this year, according to independent global property consultants Knight Frank Ireland.

In a national agricultural land price survey, carried out annually by the company, (formerly Ganly Walters) and published yesterday, it was found that in the past 12 months prices have fallen nationally by as much as 43.3% on average.

The national average price paid for farmland in 2009 was €9,678 per acre. This represents the drop of 43.3%, based on the average price of €17,081 being paid per acre for sales in 2008 (excluding the Dublin, Kildare and Wicklow region).