The value of agricultural land is expected to increase by an average of 10% by the end of the year. This is a 1.3% increase from the 8.7% figure which was released earlier this year in a report by Sherry Fitzgerald.
Philip Guckian, associate director at Sherry Fitzgerald, said there is a “lack of supply of good land coming into the market right now. Farmers are looking to retain land instead of selling it”.
Guckian said that right now, farmers are achieving satisfactory prices for the land that does become available: “A lot of farmers are retaining their land… now is a good time to sell, as the prices right now are good, generally it’s selling quiet well.
“The rate might slow a little bit for 2024, but it really all depends on what supply is coming to market. There’s definitely demand for it there. If there is more supply, that’s when we will see stabilisation of the market.
“There are a lot of external factors happening in the market now in relation to farming.
“At the moment, I can’t see prices decreasing, but I can see the rate of growth slowing a bit more,” said Guckian.
Areas of land under €100,000
According to daft.ie, there are a number of properties for sale under €100,000 including a site on Beach Road, Claddaghduff, Co. Galway priced at exactly €100,000 for 10.5ac of land.
This site, located right beside the beach in Connemara, contains areas of limestone rock across the fields. Due to its elevated position, it has superb uninterrupted sea views.
Image source: daft.ie
Another property located in Illaun, Miltown Malbay, Co. Clare, also on Daft was priced at €100,000 for 19ac. The land is located in a town home to traditional Irish music,
Image source: daft.ie
A site in Gannoughs, Claddaghduff, Co. Galway is priced at €40,000 for 0.75ac. The site over looks the sea, and has many beaches close by including Omey Island.
Image source: daft.ie