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Saturday 21 October 2017

Munster land performs best as 2013 values struggle to rise

Land prices in Munster increased.
Land prices in Munster increased.
Declan O'Brien

Declan O'Brien

The cost of land holdings under 50ac increased by 14.3pc in Munster in 2013, a national property survey has found. However, sale prices for larger sections of land were back nationally and fell by more than 13pc in the west.

The land report, which was released yesterday was compiled by the Society of Chartered Surveyors Ireland (SCSI) and Teagasc. The largest increase in land prices was seen in the Munster area, where the average selling price in 2013 increased by 14.3pc on 2012 for residential holdings of up to 50ac. In Leinster, prices increased by 13.9pc and, in Connacht/Ulster, they increased by 2pc compared to 2012.

The study found that the average national price for residential holdings up to 50ac and with entitlements was €10,721/ac. In Dublin, the average price was €13,000/ac; in Leinster, it came in at €11,132/ac; while the average in Munster was €11,378/ac. In Connacht/Ulster, the average recorded was €7,375/ac.

Non-residential holdings with entitlements, and up to 50ac in size, averaged €10,396/ac in Leinster in 2013. This was up from €8,914/ac in 2012. In Munster, the average price for these properties was up from €8,023/ac in 2012 to €9,956/ac last year, while it increased from €6,391/ac to €8,083/ac in Connacht/Ulster.

In contrast to the smaller land transactions, prices for larger blocks of land were more or less unchanged for the period from 2012-13, and actually fell by 13pc in the Connacht/Ulster region.

Residential holdings of more than 100ac without entitlements sold for €9,664/ac in Leinster (excluding Dublin), compared to €9,400/ac in 2012. The average price for similar holdings in Munster was €9,669/ac, compared to €9,896/ac in 2012; while, in Connacht/Ulster, the price paid was €5,420/ac compared to €5,938/ac for the previous year.

Similar

Residential holdings of between 50ac and 100ac without entitlements averaged €10,812/ac in Leinster (excluding Dublin) in 2013. This was up from €10,300/ac in 2012. In Munster, similar holdings average €10,417/ac, compared to €10,625/ac in 2012. In Connacht/Ulster, the average price for these holdings in 2013 was €7,321/ac, up from €6,663/ac the previous year.

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Non-residential holdings of more than 100ac with entitlements sold for €10,183/ac in Leinster in 2013, compared to €10,772/ac in 2012. In Munster, similar holdings sold for €9,018/ac, back from €9,794 in 2012, while in Connacht/Ulster, this category of holding sold for €5,500/ac, compared to €6,320/ac in 2012.

Non-residential holdings of between 50ac and 100ac, that were sold with entitlements, made an average of €11,321/ac in Leinster (excluding Dublin). This was down from €11,454/ac in 2012. In Munster, the price for this category of property was back from €10,688/ac in 2012 to €9,455/ac in 2013. In Connacht/Ulster, land prices for holdings in this category averaged €7,000/ac. The survey found 80pc of surveyors expected an increase in demand for land in 2014-16 and reported a 5pc lift in activity in the first quarter of 2014.

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