Agricultural land prices down 22% last year

The average price of agricultural land fell by almost 22% last year, according to a survey by the Irish Farmers Journal.

The newspaper says the average price paid for an acre of land last year was less than €16,000, compared to €20,000 the previous year.

Limerick, Galway and Sligo have experienced the largest reductions, with prices down 40% or more in the three counties.

The price falls could affect farmers seeking to borrow money against the value of their land.