Farm sales bottom and are on the turn in Dublin region

THIS time last year there were no farm sales recorded in the Dublin region by estate agent, Knight Frank – the big news item of that year’s report.

This year, its news line is that land prices have reached bottom and are on the turn, on the basis of its mid-year farm sales review.

The average price paid for Irish farmland in 2009 was €9,678 per acre, according to Knight Frank, but this year, the average is at €10,131 per acre, it says.

And while it’s not quite time to roll out the bunting yet, the €450 or so increase is an indication that the market has now stabilised, says the report, and the marginal increase in average land prices augurs well for the future, it says.

The national survey, the 17th to be commissioned by Knight Frank Ireland, was based on 44 transactions in five areas over a six month period and while not an intensive, statistical analysis, it does paint a picture of how sales are going in the country this year.

The most heartening result is the resumption in the sale of agricultural land in the Dublin region, (Dublin, Kildare and Wicklow), and the report has tagged average values there of €16,139 per acre.

Land in the south-west, Cork, Tipperary, Kerry and Limerick, averaged €8,591 per acre and the south-east had the second highest rate at €13,334 per acre.

The lowest price achieved was the north-west region of Donegal, Leitrim, Sligo, Mayo, Galway and Roscommon with an average price of €7,049 per acre paid.

The north-east region, comprising Louth and Monaghan, averaged €11,947, while the midland region of Meath, West Meath, Offaly, Longford and Laois, averaged €8,911 per acre.

The mid-term review reflects sales from January 1 to June 30, 2010 and the size of the sales varied from 20 to 200 acre holdings.

“It’s clear from the survey that land is now beginning to sell again at auction and there is still a strong demand from farmers and business people looking to acquire a good holding,” says Robert Ganly.


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