Agricultural land prices to continue to rise this year – report
The cost of farmland and renting farmland is set to continue to rise in 2023, according to a new report from the Society of Chartered Surveyors and Teagasc.
The report, based on returns from 134 SCSI members completed in January and February, forecasts average agricultural land prices will rise 8% in 2023, while average prices for land rental will rise 14%.
Members said increased prices and demand for land will continue to rise mainly due to demand from the dairy sector and the low supply of land for sale.
The report finds the most expensive good quality land last year was in Kildare, with average prices of more than €15,000 per acre.
Kildare, Meath and Waterford had the most expensive land in the country in 2022.
The cheapest land in the country was in Co Mayo, where poor quality land last year sold for €2,040 per acre.
The report also states that just 0.5% of farmland is sold in a year, with executor and probate sales following the death of owners being the main source of sales.