REVEALED: Land prices drop by over €1,200 per acre in Offaly in past year

THE cost of farmland in Offaly dropped by nine per cent - €1,205 per acre – in the past year according to a survey published by the Irish Farmers Journal last week.

Of 63 landholdings investigated, the report found an average price of €12,024 per acre.

Nationally the cost of farmland increased across the country last year according to the fresh analysis published by Journal.

It found an increase of 5pc was recorded in the price of land in the Republic of Ireland to average €12,515/ac, an increase of €590/ac from €11,925/ac in 2023.

The survey found a “huge variation” in the range of prices for last year.

Dublin had the highest land prices where the average cost was €25,490 per acre followed by counties Wexford, Meath, Louth and Laois.

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It contrasted with the lowest average land price last year was in Co Leitrim at €6,419 per acre, followed by Mayo and Donegal.

The biggest increase in price was in Co Meath, where the average rose to €17,669 per acre from €14,321.

Derelict houses can now add €100,000 or more to land sales, depending on how strict the local county council is on planning.

Among the report’s other findings are that prices fell from recent highs in counties Cork, Donegal, Kilkenny, Tipperary and Wicklow, where dairy farming is usually the driving factor behind purchases.

Farmland prices in Northern Ireland continue to be significantly higher than the Republic, with prices rising by 6.8pc last year to average £14,736 per acre (€17,406). The highest price was Co Armagh, followed by counties Down, Tyrone and Antrim.

The report said that farmer confidence was impacted by an “extraordinarily wet winter and spring” but improved conditions by autumn affected led to a “bullish” feeling by year end.

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