A key barometer of land prices, the Irish Farmers Journal produced its 2024 Agricultural Land Price Report, offering a county-by-county breakdown of land values across the country. According to the Report, land prices in the Republic of Ireland increased by 5% over the past year, reaching an average of €12,515 per acre. In Northern Ireland, the rise was even more significant, with a 7% increase, bringing the average price to £14,736 per acre (approximately €17,400 per acre).
The most notable price surge was recorded in County Meath, where the average land value climbed to €17, 669 per acre, up from €14,321 per acre in the previous year. Significant increases were also observed in Offaly, Monaghan, and Westmeath.
This comprehensive Report provides detailed insights into land prices across all counties. Below is a summary of key findings for our local areas.
– Cavan: Land prices remain steady with a €26/ac rise. Prices have been relatively stable in the county for the past five years in the range of €8,000/ac to €10,000/ac. Supply of farmland for sale was up in 2024. The survey looked at 102 farms that were offered on the market with a total area of 2,684 acres.
– Meath: The land market was on fire in Co. Meath last year with fantastic properties offered for sale and fetching top prices. Land prices rose to an average of €17,669/ac. Demand for land is strong right across Meath. Prices are the best in the south of the county and near the biggest towns.
– Monaghan: Monaghan had limited farmland for sale, but strong demand and steady prices, reflecting the county’s market trend over the past five to six years. This pattern continued in 2024, with land prices rising by 18% to an average of €12,515 per acre. The report highlights that suckler and beef farmers, both full-time and part-time, are the primary buyers. Additionally, high land prices in Northern Ireland are contributing to rising values in Monaghan and nearby counties.
– Louth: Land prices in Co. Louth have risen sharply over the past five years, driven by scarce supply and very keen demand, pushing past an average of €16,000/ac. Last year, prices rose again and the average price reached the €17,270/ac mark, probably a record for the county. That said, the increase of last year – at just 3% – was more modest than the jumps seen in the past two to three years. The increase was €473/ac on the €16,797/ac in 2023.
In summary, the 2024 Agricultural Land Price Report reveals a steady rise in land values across Ireland, fueled by high demand and restricted supply. With land remaining a valuable asset, keeping up with these trends is crucial for those engaged in agriculture and rural investment.
