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Land Prices Are Set To Slump After Months Of Rain

Tuesday, 23 April 2024 09:36

Teagasc and the Society of Chartered Surveyors have released their Agricultural Land Market Review.

The recent bout of bad weather is set to impact the price of land over the coming year.

That's according to Teagasc and the Society of Chartered Surveyors which expect purchase and rental land prices to rise by 6% and 4% respectively.

The average price for holdings of less than 50 acres is lowest in the midlands in Offaly at €11,750.

While it's €13,786 for the same size of land in both Westmeath and Laois.

The average price for holdings of less than 50 acres in Waterford is €20,000 per acre, while similar land in Leitrim is priced at almost €8,000 per acre.

The SCSI's Edward McAuley says prices will take a hit due to the record rainfall in the spring:

The price of land in Westmeath has more than doubled in less than a decade.

That's the view of Jim O'Brien of the Farming Independent.

He claims a good price for land in the county was around €8,000 in 2015, it now stands at over €16,000.

Mr. O'Brien says many are in a position where they can't reduce their herd so they'll have to get more land:

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