Leinster agri-land prices above average

THE value of agricultural land in Leinster (excluding Dublin), to include County Wicklow, was €9,800 per acre last year, slightly above the national average of €8,308.

However, according to the recently published annual Teagasc Land Report, values still fell across all categories of land with and without dwellings attached.

An average decrease of 4 per cent was recorded.

While all agricultural land parcels, regardless of the size, dropped in value, reductions were generally 5 per cent or less with the exception of sales of between 50 and 100 acres without a residence where the reduction in value compared to 2016 was 8 per cent.

In 2017, agricultural lands up to 50 acres in Leinster recorded value reductions of 4 per cent with a residence and 3 per cent without a residence. For larger land holdings, there were slightly larger percentage price reductions, with a decline of 8 per cent for land holdings of between 50 and 100 acres (without a residence) and a decrease in price of 5 per cent for land holdings of between 50 and 100 acres (with a residence).

In the case of land holdings in excess of 100 acres, the Leinster results point to a decline in selling price of 3 per cent (with a residence) and a decrease of 5 per cent (without a residence). There was optimism regarding the rental market as rents in the province continues to rise.

Nationally 45 per cent of SCSI members surveyed anticipate an increase of some sort for agricultural land values in 2018, with around half of those (22 per cent) expecting any increase to remain below 5 per cent.

Meanwhile SCSI members in Leinster were the least optimistic of those surveyed with 38 per cent anticipating an increase in values and 21 per cent predicting a decrease in average agricultural land values.

Trevor Donnellan, Head of the Teagasc Agricultural Economics and Farm Surveys Department said dairy farm income grew strongly during 2017 as a result of higher milk prices.