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Thursday 15 November 2018

National breakdown of land prices: west sees most land sold, but at lowest prices

Less than 0.5% of agricultural land was sold in 2017, but it made over €161m

Margaret Donnelly

Margaret Donnelly

Figures just released by the Central Statistics Office show that a tiny fraction of all the available agricultural land in Ireland made a whopping €161m when it sold in 2017.

In 2017, there was 32,990 acres of agricultural land sold in Ireland for a total value of €161.1m, the figures released today by the CSO show. 

This volume of agricultural land sold represented 0.3pc of all the available agricultural land in Ireland and there was 2.9pc drop in the volume of agricultural land sold when compared with 2016.

Highest Mean Price

The mean price in 2017 was €4,883 per acre with a mean transaction size of 20.7 acres. The mean price is calculated by taking the total money spent on agricultural land in the year divided by the total area of land sold.

The South-East was the region with the highest mean price per acre of agricultural land with an acre of land selling at a mean price of €9,236 in 2017. The lowest mean price per acre was in the Border region where an acre of land was €2,783.

The median price is the middle value when the transactions are sorted in order of price per acre. That is to say that half of the transactions are above the median price and half of the transactions are below it.

According to the CSO, the advantage of taking the median price over the mean price is that it is not skewed by extremely large or small values and therefore gives a better idea of the typical value.

Arable v Grassland

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Similarly to the national indicators, there is a relatively large price difference between arable land and permanent grassland in most regions.

Outside of Dublin, the most expensive price per acre of arable land was in the Midland region with a median price of €11,124 per acre in 2017. The highest median price per acre of permanent grassland was also in the Mid-East at €9,301 per acre.

The lowest price per acre for arable land was in the South-East region with a median price per acre of €9,672 per acre and the lowest price per acre for permanent grassland was in the West region at €4,424 per acre.

The largest difference in median price between arable land and permanent grassland was in the Border region where arable land cost €3,548 more per acre than permanent grassland.

The highest value of agricultural land sold in Ireland was in the South-West region, where €29.29m worth of land was sold in 2017. The South-East had the lowest value of land sold in 2017 with €15.40m worth of land sold in 2017.

Highest Price

The Midlands had the highest mean price per acre for arable land with a price of €12,403 per acre. The South-East also had the highest price per acre of permanent grassland with a mean price of €8,997 per acre.

The lowest price per acre for arable land was in the South-West with a mean price of €10,297. The lowest price per acre for permanent grassland was in the Border region with a mean price of €2,783 per acre.

The West had the highest number of permanent grassland transactions in 2017 with 432 transactions. The highest number of arable land transactions were in the Mid-East with 36.

The West had the largest volume of agricultural land sold in 2017 with 9,070 acres sold. The smallest volume of land was sold in the South-East region where 1,668 acres were sold in 2017.

The region with the largest area of arable land sold in 2017 was the Mid-East with 484 acres sold. The West had the highest volume of permanent grassland sold in 2017 with 9,070 acres.

The Mid-East had the highest value of arable land sold in 2017 with a total value of €5.11 million. The West had the highest value of permanent grassland sold with a total value of €25.64 million.

The figures present estimates of agricultural land prices for both arable land and permanent grassland per acre at a State and regional level.

Figures used in the calculation were taken from the Revenue Commissioner’s Stamp Duty Return to calculate the median and mean price of land sold. To determine the land type description of the land sold, data matching is carried out using the Stamp Duty Return (SDR) data, Property Registration Authority of Ireland (PRAI) data, An Post Geo-Directory and the Census of Agriculture 2010 (COA).

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