According to the latest Agricultural Land Pirce Report, the average price of land in Offaly has jumped by 29% in the last twelve months. A number of strong prices ranging from €11,000 to €15,000 per acre were at play in the increase in prices. Most of the sites were small, high-quality pieces of land situated around Geashill, Killeigh and Kilcormac.
The average price of land last year was €9,557/acre, a big increase on the 2015 figure of €7,436. Prices ranged from a small parcel near Clara that went for €5,000/acre to a top price of €15,800/acre paid for a 26.5-acre site of top quality ground at Lackamore, Geashill, which was sold at auction for €420,000.
Some of the other farms and sites sold at auction include 45.7 acres near Ballinagar that sold under the hammer for €425,000, or €9,300 per acre; a 71.5 residential holding sold for €5,035 per acre (€360,000); 17.4 acres of land at Ballykeane near Geashill which sold for €180,000 (€10,300/acre); and a huge 79-acre residential farm at Mile Tree House, Birr, which went for just shy of €1 million (€998,000) or €12,600 per acre.
The supply of land to the market in Offaly fell from 2,794 acres in 2015 to 2,160 acres last year, amounting to a 22.7% drop. Two of the bigger holdings on the market included the 285-acre Milltown Park estate which is believed to have sold in a private deal and a 176.6-acre residential farm at Cloncarbon near Birr, which was brought to the market by private treaty. Of the 28 completed sales, 12 farms made €10,000 per acre or more.
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