Supplies of land for sale set to rise
According to a new land report, which was compiled by the Society of Chartered Surveyors Ireland (SCSI) and Teagasc the supply of land coming onto the market is likely to increase.
According to SCSI members surveyed over half of respondents in all regions predict that the supply of agricultural land will increase. Activity in the industry appears to be on the up and the trend looks set to continue.
it says future supply of land is expected to increase in Dublin. However, those surveyed anticipate a decrease in the remaining regions. Most notably, 17% of respondents in the Munster region predict a decrease in the supply of agricultural land for sale between 2014 and 2016.
The volume of land which came to market increased from 41,000 acres (16,500 ha) in 2012 to 43,000 acres (17,400 ha) in 2013.
Demand for agricultural land
Almost unanimously, across all regions, Chartered Surveyors expect an increase in the demand for agricultural land between 2014 and 2016. Over 80% of respondents surveyed predict an increase in the demand for land in the coming years.
The report states that undoubtedly, the predicted abolition of milk quotas has spurred the interest in agricultural land and has contributed to the anticipated increase in demand over the coming years. Land is also viewed as a more stable, secure investment in comparison to other property types.
Total acreage transacted from year end in 2012 to year end in 2013 rose in all regions, bar the capital. Dublin was the only region where members recorded a decrease of 1.4% in 2013.