Irish land value rises by over 11% in 2022
Irish land values rose 11.5 percent in 2022, with a 2.9 percent increase in the fourth quarter, according to a new report from the Sherry FitzGerald Agricultural Land Barometer.
That represents a growth rate of 10% in 2021. It’s the largest increase in farmland prices since Sherry FitzGerald began tracking prices in 2013.
At the end of 2022, the weighted average price for farmland nationwide, excluding Dublin, was around €10,850.
Strong growth in Ireland continued throughout the year despite a turbulent economic environment with consumer price inflation peaking at 9.2 per cent.
In 2022, price growth was seen across the country, with the Midlands being the standout region, registering a 21.9 percent price increase per acre.
The Southwest (+16.6 percent), the Midwest (+12.9 percent), and the Middle East (+11.1 percent) also saw significant price increases, with growth in each region more than doubling in 2021.
This was followed by the west (+8.5 percent) and the south-east (+5.4 percent). The border region saw growth of just 2.7 percent in 2022, compared to 13.2 percent the year before.
The most expensive region for agricultural land at the end of 2022 was the Middle East with a price per acre of €12,667 compared to €11,400 in 2021.
The western region remains the cheapest region with a price per acre of €6,634.
Commenting on the market, Philip Guckian, Associate Director Country Farms, Homes and Estates said: “The growth in land values in 2022 will come as no shock given the exceptional performance across all agricultural sectors.
“Dairy, arable and livestock farms have had one of the most prosperous years in recent history, despite the unstable economic climate.
“Land values across the country posted 11.5 percent growth in 2022, overshadowing discernible growth in 2021. This will be an encouraging sign for potential sellers looking to sell their land.
“There is also an increasing appetite for land from non-agricultural buyers looking to expand their outdoor space, helped by an increase in Irish household savings. We expect 2023 to be another strong year for the agricultural land market.”
The weighted average price per acre for prime farmland for 2022 was €13,014 compared to €11,577 in 2021.
The weighted average price per hectare of prime grassland is now €12,170, up from €11,000 in 2021.
https://www.independent.ie/business/farming/news/irish-land-value-soars-by-over-11-in-2022-42333565.html Irish land value rises by over 11% in 2022