Average price of land reach its highest level since 2008 financial crisis
DUBLIN: The Irish Farmers Journal reports that the average price of farmland hit its highest level last year since the 2008 financial crash. According to the reports, the average price of farmland rose 15% nationally from 2019 to 2020. Increased from €8,971 per acre in 2019 to €10,316 per acre last year.
The price of land in no county in Ireland has not exceeded €9,000 per acre for the past five years, the report said.
Meanwhile, sales of acres of farmland fell by 25.4% in 2020 due to the COVID-19 pandemic. The journal also found that some landlords had delayed sales until the end of the pandemic. They postponed the sale amid fears that their shares would not have market value.
Since the onset of the pandemic, people have been more interested in moving to rural areas, as they work from home. Therefore, there is a growing interest in the sale of farm houses, according to the land price report.
The report has revealed that Donegal, Kildare and Waterford are the three counties with the highest land prices. In 2020, the average price per acre in Kildare was €16,446, €16,367 in Waterford and €17,716 per acre in Donegal.
At the same time, Leitrim, Clare, and Mayo had the lowest farmland prices last year, ranging from €4,000 to €6,000 per acre.
The Irish Farmers Journal said that business people have been buying more land in recent years.
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