Farming

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Land averaging €11,000/ac

According to a land review by Allsop Space, the average price of agricultural land at its auctions between April 2011 and October 2012 was almost €11,000/ac.

The average might be skewed by the sale of a 5ac mushroom farm at Rathfeigh, Co Meath, which made €32,755/ac. Excluding that property the average price comes to €7,958/ac, which ties in with the fact Allsop's sales are invariably distressed. In the broader land sales market the average price of land for 2012 in non-distressed transactions is expected to be close to €10,000/ac.

According to Allsop's Robert Hoban there is an increasing amount of agricultural land featuring in catalogues, where land bought previously for development is reverting to sale as farmland. Of land sold by the company in the last 19 months, 29pc was listed as agricultural and 71pc as development or former development ground.

Land sold by the company in the period included 53ac of land with quarrying in Co Limerick that sold in two lots for a total of €637,000.

In terms of buyer profile, 65pc of purchasers were local, 23pc came from overseas and 13pc were non-locals.

Indo Farming