Agricultural land values grew “robustly” in the opening half of 2021, according to the latest data from real estate agent Sherry FitzGerald.

According to the business’ research, land values increased by 2.1% in the second quarter of the year, with prices cumulatively increasing by 3.2% in the first six months of 2021.

This is the strongest rate of growth recorded over a six-month period since the Sherry FitzGerald Agricultural Land Barometer began in late 2013.

Following this growth, the weighted average price of farmland in Ireland – excluding Dublin – stood at approximately €9,650/ac. This equated to an increase of over €300 since the beginning of the year.

Price growth has been notable across much of the country, the company noted.

The border region recorded an increase of 7.7% in the year to date, the largest increase for any region.

The midlands, midwest and mideast also noted high levels of growth – 4.9%, 3.8% and 3.7% respectively.

In terms of the different farm types, grassland values noted the greatest increase. Prime grassland values grew by 3.2%, with marginal grassland values increasing by 3.7%.

By the end of June, the weighted average price of prime grassland nationally stood at approximately €10,850/ac, with marginal grassland at €6,550/ac.

Prime arable values also noted robust levels of growth, only marginally behind grassland values.

In total, prime arable values increased by 1.6% in the second quarter of the year, and by 3% in total over the first six months.

On the back of this rise in value, the weighted average price of prime arable land nationally reached in excess of €11,600/ac by the midpoint of the year.

Commenting on this data, Phillip Guckian, associate director at Sherry FitzGerald for county homes, farms and estates, said: “So far this year the agricultural land market has seen strong price growth. Encouragingly, agents across the country have noted a positive sentiment in the market, particularly after several tough years.

“Low supply levels continue to be an issue, but with current good prices being achieved we are hopeful more land and farm owners will be enticed to bring more supply to the market,” Guckian concluded.