“Agricultural Land Values Grew Nearly 5% Over Opening Nine Months of 2021”
November 8th, 2021
The first nine months of 2021 saw agricultural land values in Ireland grow steadily. According to the latest data from Sherry FitzGerald Research, agricultural land values nationally, excluding Dublin, rose by 4.9% over the period. The weighted average price of farmland at the end of the third quarter stood at approximately €9,300 per acre.
Following growth of 1% and 2.4% respectively in the opening two quarters of the year, land values noted a further rise of 1.5% in the third quarter. This brought cumulative growth for the first nine months of 2021 to 4.9%. In a twelve-month period, values have increased 6% nationally. This is the strongest rate of annual growth recorded since the Sherry FitzGerald Agricultural Land Barometer began in 2013.
In the nine months to the end of the third quarter, the rise in values has been evident nationwide, with growth in agricultural land values noted across all regions. The Border region recorded price growth of 9%, with the Mid-East and the West recording increases of 6% and 5% respectively. At the end of the third quarter, values were highest in the Mid-East, standing at approximately €11,330 per acre.
In terms of price performance, prime grassland outperformed arable land over the year to date. Prime grassland values increased by 5.3% in the first nine months of the year, with arable land recording similarly strong price growth of 4%.
At the end of September, the weighted average price of prime arable land nationally, excluding Dublin, stood at approximately €11,100 per acre. The weighted average price of prime and marginal grassland stood at approximately €10,460 and €6,280 per acre respectively.
Commenting on the national agricultural land market, Philip Guckian, Associate Director, Sherry FitzGerald Country Homes, Farms and Estates, said
“So far this year, the Irish land market has seen a steady increase in values across the country. With this rise a continuation of the solid growth noted last year. Current expectations are that growth will remain robust into the new year.”
For any further information, please contact:
Jane Dunne-Terry Philip Guckian
Junior Economist, Researcher Associate Director
Sherry FitzGerald Group Sherry FitzGerald Country Homes,
Ph: 01 237 6300 Farms and Estates
Ph: 01 237 6308
Director of Communication
Sherry FitzGerald Group
Ph: 086 252 3277
Note to Editors:
(1) Founded in 1982, Sherry FitzGerald has grown to become Ireland’s largest firm of estate agents with 100 owned and franchised branches throughout Ireland.
(2) The Sherry FitzGerald Agricultural Land Price Index is a quarterly index of price performance in the agricultural land market. Over 50 Sherry FitzGerald Countrywide members provided values for different farmland types, namely Prime Arable Cropping Land, Prime Grassland and Marginal Grassland. These values were based on actual sales, or likely achievable sales, in their area in the given quarter. Each region is weighted, and values at the national level, excluding Dublin, are calculated based on the addition of these weights. These weights are based off total value of farmland sold in each region according to the CSO.