• Farming

Cavan agricultural land prices up by 17% but still below national average

Thursday, 7th March, 2013 1:34pm

Story by Damian McCarney
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Cavan agricultural land prices up by 17% but still below national average

Cavan agricultural land prices are up 17%, while Monaghan land prices are down five per cent, according to a report conducted by the Irish Farmers Journal.

The average price of Cavan agricultural land was €7,443/acre in 2012, representing an increase of 17% compared to the 2011 average of €6,365/acre. However, even after this increase, Cavan land is still fetching below the national average, which stands at just under €10,000/acre.

The area of land up for sale was up too: 2,320 acres in County Cavan last year, up from 1,909 acres in 2011. Sixty-five farms were offered for sale in 2012, of which 32 farms were subsequently sold. Among those sold at auction was a 43-acre residential farm near Stradone that made €379,000 or €8,814/acre.

County Monaghan didn’t fare as well as Cavan, as the average price of agricultural land was €8,494/acre in 2012, representing a five per cent decrease when compared to the 2011 average of €8,957/acre. A total of 32 Monaghan farms incorporating 1,480 acres were offered for sale in 2012, compared to 47 farms comprising 1,584 acres in 2011. Amongst the lots was a 60-acre residential parcel of good land at Glaslough, sold at public auction for €928,000 or €15,467/acre.

For the first time in six years, the price of agricultural land nationally has increased. The average price stands at €9,954/acre – up 14.3% on the average for 2011 at €8,708/acre.

Farmers remain the main players in the agricultural land market with many looking to expand and/or consolidate their farm enterprise. A belief that land prices have bottomed out is now encouraging farmers to invest in land once again. Substantially more land came on the market in 2012, due in part to the increased confidence in farming and also an element of forced sales.

Dublin had the highest average at €13,724/acre followed by Kilkenny at €13,203/acre and Kildare at €13,023/acre. Leitrim had the lowest average at €4,517/acre followed by Mayo at €5,684/acre and Sligo at €6,446/acre. Eighteen counties experienced a price increase while eight counties experienced a price decrease in the average value for land last year.

Louth had the highest percentage price decrease at 27.6% followed by Kerry at 14% and Galway at 9.3%. Tipperary had the highest percentage price increase at 40% followed by Wicklow at 33% and Clare at 33% also

The average price for agricultural land in the North in 2012 was stg£8,843/acre (€10,850/acre), slightly down from stg£9,207/acre in 2011.

Armagh recorded the highest average at stg£9,561/acre (€11,731/acre) while County Fermanagh had the lowest average at stg£7,538/acre (€9,249/acre).

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