Dublin: The sale of agricultural land in Ireland has seen a significant surge, as reported by the Real Estate Alliance (REA). Land transactions increased by 30% last year, accompanied by a 1.5% rise in land prices, reaching an average of €13,940 per acre.
A total of 2,661 acres of land were sold, amounting to €37 million in transactions facilitated by 17 REA agents. Notably, two-thirds of these transactions were conducted in cash. The report highlights that 65% of land buyers were local farmers, indicating a strong presence of the agricultural community in the market. Additionally, 9% of buyers were rental investors, while 7.7% were forestry investors. Approximately 5.5% of land transactions were intended for residential and developmental purposes, with another 2% designated for agricultural use.
Of those selling agricultural land, 22% were relinquishing traditionally acquired land for a change in ownership. About 15.4% of farmers opted to sell land to downsize their holdings, while 14% engaged in transactions to raise capital for other ventures. Additionally, 11% of land sales were attributed to retirement planning, while 6.6% of sellers chose to exit farming altogether. Interestingly, around 8% of vendors were residing abroad, indicating a diverse seller demographic.
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