Sales of farmland total €177m last year

Farm land sales increased to more than €177m in 2014, according to a survey by Ganly Walters on national agricultural land and farm prices.

It found that more than 16,800 acres changed hands last year, while the average price for farmland was just over €10,500 per acre.

That is an increase of just 0.01 per cent on the 2013 figure, but is 20% above the prices recorded during the worst year of the recession in 2010.

In the north east, the average price per acre increased 36% to €10,868. This region, which includes counties Louth, Cavan and Monaghan, saw over 1,400 acres change hands in 23 sales.

Strong price increases of 24% were also seen in the south west with an average of €10,943 per acre for the 3,410 acres sold in counties Cork, Tipperary, Kerry and Limerick.

In contrast, significant falls were seen in the south east and western regions. In the south east, which includes Kilkenny, Wexford, Carlow and Waterford, the price per acre fell 14.5% to an average of €10,226. However, that is still 40% above the low of €7,287 seen in in the region in 2010.

In the west and north west including counties Donegal, Sligo, Leitrim, Mayo, Roscommon, Galway and Clare, prices averaged €6,622 per acre. While that is down 22.6% on 2013 levels, it is 23% above the trough of €5,386 per acre recorded for the region in 2010.

Signs of stability were also seen in The Midlands where prices dipped 1.7% to an average of €9,045 per acre across counties Meath, Westmeath, Offaly, Longford and Laois.