Prices for land still dropping
Published 10/08/2010 | 05:00
PRICES paid for land have continued their downward spiral, falling to a national average of just €7,235/ac so far this year.
The price survey carried out by the Farming Independent reveals that a total of 4,802ac were sold for €3.47bn at public auction in the first seven months of the year.
The national average for the previous year was €8,880/ac.
The results are based on properties that were sold at auction and reported in the national farming press. It does not include properties withdrawn from auction and sold for an undisclosed amount.
The national total was substantially reduced by the sale of a 1,019ac holding at Gaoth Saile, Bangor Iorras, Co Galway, which made only €662,000 -- or a little under €650/ac.
However, last year's national average of €8,880/ac was also massively dragged down when a 1,540ac property in the Burren, Co Clare, sold at auction for €751/ac in November last year.
Another significant sale for this year was the disposal of the 1,220ac Bergerin Estate in the North Sloblands, Co Wexford, for €5.75m.
Best prices so far for this year were achieved in the commuter belt counties of Dublin, Kildare, Wicklow and Meath, where an average of €13,120/ac was paid for land.