Agricultural land values in Ireland grew steadily in the first nine months of the year, according to the annual Sherry Fitzgerald Agricultural Land Barometer.
Nationally, excluding Dublin, agricultural land values rose by 4.9% to the end of the third quarter with the weighted average price of farmland standing at approximately €9,300/acre.
This followed an increase of 1% and 2.4%, respectively, in the opening two quarters of the year, bringing the cumulative growth for the first nine months of 2021 to 4.9%.
In a 12-month period, values increased 6% nationally.
This is the strongest rate of annual growth recorded since the Agricultural Land Barometer began in 2013.
This rise in values, to the end of the third quarter, has been evident nationwide, with growth in agricultural land values noted across all regions, according to Sherry Fitzgerald.
The border region recorded price growth of 9%, with the mid-east and the west recording increases of 6% and 5%, respectively.
Values were highest in the mid-east, standing at approximately €11,330/acre.
In terms of price performance, prime grassland outperformed arable land over the year to date.
Prime grassland values increased by 5.3% in the first nine months of the year, with arable land recording similarly strong price growth of 4%.
At the end of September, the weighted average price of prime arable land nationally, excluding Dublin, stood at approximately €11,100/acre.
The weighted average price of prime and marginal grassland stood at approximately €10,460/acre and €6,280/acre, respectively.
Commenting on the national agricultural land market, Philip Guckian, associate director, Sherry FitzGerald Country Homes, Farms and Estates, said:
“So far this year, the Irish land market has seen a steady increase in values across the country. With this rise and a continuation of the solid growth noted last year, current expectations are that growth will remain robust into the new year.”