The number of farms sold last year rose by 8%, with total acreage increasing by 14%, according to the latest survey conducted among Real Estate Alliance (REA) auctioneers.

The survey showed a "significantly buoyant land market" nationwide in 2024, with revenue surging by 20%.

The average per-acre price for non-residential land stands at €14,728, reflecting a 6% rise from the 2023 figure of €13,940.

In total, 98 farms covering 3,034ac changed hands in 2024 through REA agents. The total revenue generated from these transactions amounted to €44,687,292, a significant increase from the €37,088,000 recorded in 2023.

Private treaty sales accounted for 44% of all transactions, while 56% of sales were conducted via auction.

Chair of REA Stokes and Quirke, John Stokes said that 2024 was a year of "some very strong prices" driven by a number of factors, including a shortage in the supply of land, the changes in the application of the nitrates directive, reasonable farm gate prices and the availability of finance.

Munster emerged as the most active region, recording 1,465ac sold, generating €22,765,500 in revenue. The average price per-acre in the province stood at €15,540.

Leinster reported the highest per-acre price, with 916ac sold for a total of €17,876,325, averaging €19,515/ac - the highest land value recorded in multiple surveys.

Trim, Co. Meath representative for REA, Thomas Potterton said that "buoyancy" can be seen across all farming sectors, except for tillage.

In the southeast, representative of REA from Tullow, Co. Carlow, Matthew Conry, said he observed "strong demand" for smaller parcels, with some land fetching up to €25,000/ac. Prices ranged from €13,000 to €25,000/ac, depending on quality and location.

Connacht recorded 467ac sold, generating €3,068,467, equating to €6,570/ac. REA representative in Carrick-on-Shannon, Co. Leitrim, Joe Brady said that there has been "outrageous interest" in good-quality land, and an emerging market for hilly land.

Ulster registered the lowest per-acre price averaging €5,281/ac. Representative for REA, James Spring said that while sales were not "extensive", that when quality farms came up for sale, "demand and prices exceeded expectations".

Looking ahead to 2025, Seamus Carthy of REA Carthy anticipates that land lettings will continue to dominate the market, shaping the agricultural sector’s landscape for years to come.