East-west land price divide is running at over 50pc
Median prices in the west are more than 50pc behind the prices being paid in the mid-east region, reports Claire Fox
The amount of land sold in 2018 increased on the previous year, with more than 25pc of sales in the west, according to latest figures from the Central Statistics Office (CSO).
In total, 37,436 acres were sold last year for a total value of €210.8m.
This volume of agricultural land sold represented 0.3pc of all the available agricultural land in Ireland. The volume of sales was up 13.5pc on 2017.
The average price in 2018 was €5,631/ac. The CSO figures highlight a large difference in the price of arable land and permanent grassland.
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Arable land made up 4.62pc of sales, but accounted for 9.16pc of the total sales' value.
The median price for arable land was €11,821/ac, compared to €10,507/ac in 2017 and €10,025/ac in 2016.
Meanwhile, the median price for permanent grassland was €6,186/ac in 2018, down on the €6,390/ac in 2017 and €6,249/ac in 2016.
West (Galway, Mayo, Roscommon, Leitrim, Sligo)
The West region was the least expensive region with a median price of €4,829/ac and demand remains strong.
"€5,000 per acre is the norm, but there is good demand for forestry planting but these buyers are looking for 50-plus acres," said Roscommon auctioneer John Earley.
There is also good demand for larger parcels that can be used for dairying, he says.
"I have an order for 300 acres, not bisected by a public road - I have a customer who will pay good money. The problem is getting that land."
Mid-east (Meath, Kildare, Louth, Wicklow
The mid-east region was the most expensive place to buy land, with a median price of €10,006/ac.
The median price per acre of permanent grassland sold in the mid-east was €9,762 per acre, while arable land made €11,821 per acre.
Border (Donegal, Monaghan, Cavan)
There were 442 transactions in this region last year, up from 369 the previous year.
The median price per acre was €4,962.
The value of land sold was €26,952,777, up from €23,524,613 in 2017.
Mid West (Clare, Limerick, Tipperary)
Land in the Mid-West (Clare, Limerick and Tipperary) sold for a median price of €8,166/ac, up from €7,187/ac in 2017. Outside of Dublin, the Mid West accounted for the highest price per acre, with €16,817/ac paid.
Midlands (Laois, Longford, Offaly, Westmeath)
Land in the midlands had a median price per acre of €7,018 in 2018, with 208 transactions amounting to 4,018 acres at a total value of €26.214m in Laois, Longford, Offaly and Westmeath.
South East (Carlow, Kilkenny, Waterford & Wexford)
The South-East had the lowest number of land sales at 123 transactions, while the median price per acre was €9,921.
South-West (Kerry, Cork)
The median price per acre of land in Cork city, Cork county and Kerry was €8,647, with 179 land transactions totalling 4,145 acres. The total value of these land sales was €26m.
Figures obtained from the Central Statistics Office Median regional price is the middle value of a list of transactions in that region when sorted in order of price per acre
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