A number of parcels of land in east Co Galway sold after auction last week making from €5,000 to more than €6,000/ac. The lands located at Gurtymadden, Loughrea, and at Ahascragh, Ballinasloe were bought by local bidders.
The first property at Shangarry, Gurtymadden, Loughrea came in two main lots comprising 28.25ac and 21ac respectively.
Located just off the main Portumna/Loughrea road and approximately seven miles from Loughrea, the lands were described by auctioneer John Dolan as of good agricultural quality in permanent pasture.
"The property would be ideal for a local farmer hoping to expand his holding or for those seeking good land for beef, sheep, dairying, crop production or forestry," said Mr Dolan.
Bidding was slow for the first lot of 28.25ac and this was eventually withdrawn at €120,000. A sale was negotiated soon afterwards and it sold for just under €5,000/ac.
The 21ac section was withdrawn at €90,000 but again a sale was negotiated immediately afterwards and it was bought for around €5,000/ac.
The second parcel of lands brought to auction is located in Clonbrock, Ahascragh, about seven miles from Ballinasloe.
Comprising approximately 16ac, and with decent road frontage, the property has planning permission for one building site, with the possibility of more sites subject to planning permission.
Located off the main Ahascragh/Fohenagh road, the lands were part of the old Clonbrock Estate and are of good quality.
Bidding was slow at the start and the property was eventually withdrawn at €80,000 and a sale was negotiated afterwards for a price slightly more than €6,000/ac.
According to auctioneer John Dolan, both results underpin the strong demand for agricultural land in east Galway.
"We had a large crowd at the auction and I would still have both farmers and non farmers on my books in search of agricultural land," he said.
"Currently in Co Galway land can range between €5,000 to €10,000/ac, depending on quality and neighbouring interest.
"This year there has been plenty of sales and the banks are interested in lending for the purchase of agricultural land. There are also plenty of cash buyers out there."