Map: Land prices by county

The Annual SCSI/Teagasc Agricultural Land Review and Outlook 2024, published today, April 24, provides a selection of useful insights. This year’s annual survey provides a county-by-county breakdown of the prices of good and poor quality land.

Offering impartial insights into the Irish market, the report evaluates land values across various counties and provinces in Ireland, and considers diverse land types and plot sizes. The results presented were generated as part of a Society of Chartered Surveyors Ireland (SCSI) survey, which was conducted on a nationwide basis in February and March 2024, and completed by Chartered Surveyors operating in the auctioning, private treaty sale, tendering and land rental transactions, including those who provide specialist valuation services to clients.

Agricultural land values

In terms of prices, the average value of non-residential agricultural land in 2023 was €9,297/ac, which is an increase of 11% from €8,368/ac in 2022. The national average value of good quality land was €12,308/ac, up 10% from €11,172/ac in 2022, with the national average poor quality land reported at €6,286/ac - up 13% from €5,564/ac in 2022. Additionally, the report suggests that farmland values are forecast to rise by 6% on average in 2024.

Key farmland transaction values and trends:

• Average land values in 2023 for good quality and poor quality land were €12,308/ac and €6,286/ac, respectively. This represents a percentage change for the 12-month period of 10% and 13%, respectively.
• The most expensive land in 2023 was in Waterford (less than 50ac), where good quality land was €20,000/ac, on average.
• Mayo recorded the lowest value for farmland in 2023 at €2,733/ac for poor quality land on holdings over 100ac.
• The number one main buyer type (69% of respondents) is the dairy farmer, followed by tillage farmers (11%). Some 20% of respondents reported ‘Other’ as a main buyer type. ‘Other’ is referred to by many respondents as an investor or hobby farmer.
• A total of 56% of respondents expect a moderate or significant demand from dairy farmers to buy land in 2024, down from 83% of agents in 2023.

Figure 1: Average price per acre of non-residential land less than 50ac

Three plot sizes examined

With the aim of providing a comprehensive view of average land values, the report also presents transactions on the basis of plot size – less than 50ac; between 50ac and 100ac; and over 100ac.

Table 1 provides national average land values for good and poor quality land over the three plot size categories. Values per acre generally increase as the plot size of farmland decreases, i.e., 100-acre farmlands will have a lower rate per acre compared to much smaller plots of land for sale. This arises, the report states, as when a farm goes to market, there tends to be a smaller number of potential bidders for larger plots of land due to the larger sums of money required to purchase.

Table 1: National average land values per acre – plot size and quality (2023, 2022, 2021)

For more information on the above, the full report is available here.