Farmland near suburban areas sells for €15,000-€20,000 an acre
Head of Wilsons Auctions at Kingswood Cross, Mr Wilson says most buyers are still cash buyers, using funds they had set aside for investment.
Wilsons’ half-year report states that the company has sold more than 700 acres of Irish land and properties this year so far.
“We are seeing a lot more confidence from local businesses, farmers, private buyers, and investors that the Irish property market is again a good place in which to invest,” said Mr Wilson. “Local and international investors are again back in force, concentrating on the Irish market as a viable investment. National and international buyer interest has increased strongly since the beginning of the year, with prices generally finishing at 20% or more over vendors’ estimated prices.”
More than 500 acres of agricultural lands, farms, homes and development sites within the Republic of in Ireland have been sold this year to date by the company, with agricultural land sales showing the most dramatic price increases in recent months, at values per acre from €8,000 to over €15,000.
Wilsons Auctions’ land and property division in Dublin has seen an increase in demand and has converted 94% of all vendor instructions at public auction. Wilsons also manages private treaty property sales to maximise price potential in particular instances.
These figures suggest a continuing rise in land values since the start of this year, when a survey by Ganly Walters found average prices of €14,427 per acre being paid in 2013 for the Ireland East region — Dublin, Kildare and Wicklow — up from €12,636 in 2012.
The Ganly Walters report’s average for farmland nationally in 2013 was €10,500 per acre. In 2012 it was €10,586 per acre. Similarly to the Wilsons report, Ganly Walters found that average prices rose most for land close to large suburban centres.
Wilsons is a family-owned independent auction company with operations in Ireland and the UK. It has seven auction complexes in all. As well as Dublin, Portadown and Belfast sites, the company owns four centres in England, Scotland and Wales.
