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Farmland prices and rents soar in Ireland

Dublin: Farmland prices and leases are on the rise in Ireland, according to reports. This rising price trend is revealed in a new report by the Society of Chartered Surveyors and Teagasc. According to the report, the price of this agricultural land will rise by 8%, while rents will rise by 14%.

Based to the report, rising prices are caused by a lack of available agricultural land for sale as well as increased demand in the dairy sector. This report is based on the earnings of 134 SCSI members.

The highest price for farmland is in Kildare, where an acre of good-quality land costs over €15,000. Aside from Kildare, Meath and Waterford have higher prices.

Mayo has the lowest land prices. Land here can be obtained for up to 2,040 euros per acre. However, the cost of land varies according to its quality. Only 0.5% of agricultural land is sold each year, according to the report. The land is mainly sold after the death of the owners.

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