REA agents report buoyant land market in Cavan in 2024
The latest survey conducted among Real Estate Alliance (REA) auctioneers nationwide has revealed a buoyant land market in 2024.
According to REA’s findings, the number of farms sold rose by eight per cent with total acreage increasing by 14%, and revenue surging by an impressive 20%. The average national per-acre price for non-residential land stands at €14,728, reflecting a six per cent rise from 2023’s figure of €13,940. In total, 98 farms covering 3,034 acres changed hands in 2024 through REA agents.
The total revenue generated nationally from these transactions amounted to €44,687,292, a significant increase from the €37,088,000 recorded in 2023. Private treaty sales accounted for 44% of all transactions, while 56% of sales were conducted via auction.
Welcoming the REA Land Survey 2024, Cavan/Leitrim auctioneer James Spring of REA Donohoe Spring says that it’s a great time to sell farms, there are plenty of buyers and prices are buoyant.
“While we didn’t have extensive sales in 2024, when quality farms came up for sale, demand and prices exceeded expectations,” said Mr Spring.
“We sold land right up to Christmas. In fact, one farm came on the market in early November and we presumed it wouldn't sell until the New Year but it was signed, sealed and delivered by Christmas.”
Meanwhile, Mr Spring has farmland on his books at the moment where interest is exceeding expectations and demand is intense. He added: “The scarcity of supply is being driven by dairymen. Vendors include non-farming relatives who have inherited land and farmers are also selling outlying land to buy more land local to their home farms.”
Prices vary a lot and the local auctioneer was delighted to achieve €13,000/ac for a 10ac plot in Ballyconnell. He has nothing to lease at present. “Farmers are looking for rentals but there is a scarcity of farms for this,” he explained before adding, “when it comes to letting land it’s impossible to get it in this area it's like hens teeth”.
According to the REA Land Survey 2024, Munster emerged as the most active region, recording 1,465 acres sold, generating €22,765,500 in revenue. The average per-acre price in the province stood at €15,540.
Leinster reported the highest per-acre price, with 916 acres sold for a total of €17,876,325, averaging €19,515 per acre - the highest land value recorded in multiple surveys.
Connacht recorded 467 acres sold, generating €3,068,467, equating to €6,570 per acre and Ulster registered the lowest per-acre price averaging €5,281 per acre.
Leasing prices for good grazing land range from €300 to €500 per acre, according to the REA survey.