Ireland has the fifth most expensive farmland in Europe
Irish land prices are the fifth highest in Europe while land rental prices are the fourth highest, according to a new Eurostat statistics.
At €21,257/ha Irish land prices were only exceeded in the Netherlands, Italy, Luxembourg, and the UK.
On average, the Netherlands recorded the most expensive purchase price of one hectare of land in the EU in 2016 €63,000.
Indeed, the price of land in every region of the Netherlands was above all other available national averages in the EU.
Land was cheapest in Romania, with a hectare costing an average €1,958 in 2016.
The level of land prices depends on a number of national (laws), regional (climate, proximity to networks) and localised factors (soil quality, slope, drainage etc.) as well as the market forces of supply and demand (including influence of foreign ownership rules).
As such, it is interesting to note developments in prices for regions over time.
From the data available, the strongest growth in land prices of arable land between 2011 and 2016 was in the Czech Republic (a three-fold increase), Lithuania, Estonia, Latvia and Hungary (a two-fold increase). Prices rose in other Member States too, albeit at much lower rates.