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
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