Land divide - The gap in land prices between the east and west of the country continues to widen
It is difficult to compare the price of land sold at auction in the first six months of 2018 with the same period of 2017, given the headline sale of 101ac of farmland in Cork city that made development land prices when it went for €5.8m or 58,000/ac at auction in June.
With this sale excluded we see that the price of land sold under the hammer rose from €11,123/ac in early 2017 to €12,012/ac in early 2018, a rise of 8pc. The amount of land sold declined by 14.5pc, while the amount of money generated by land sales declined by 7.5pc
The results, however, show a divided farming nation, with boom and bloom in Munster and south Leinster while there is stagnation and decline in the west, and to a certain extent in north Leinster.
It is important to note that this survey is purely concerned with public auction — the private treaty market is not taken into account.
Munster has had a bumper year so far with the average per acre price rising by 25.7pc from €10,304/ac in early 2017 to €12,880/ac in the first six months just gone.
The amount of land sold in the province declined by 7.5pc and the amount of money paid for land went up by 13.4pc.
The Munster figures are somewhat skewed by the sale in Cork of a 101ac farm at Douglas on the outskirts of the city, within the new city boundary. A figure of €5.8m or €58,000/ac was paid for the farm at auction in June.
However, even excluding that property from calculations the Munster figures still show an upward trend.