The Irish Farmers Journal’s annual land price magazine is out today and while recovery looked to be on the cards, the average price paid for land nationally failed to break the €10,000/acre barrier in 2013 and has fallen by 5.6% to €9,400/acre.
The key points from Westmeath and Offaly are:
LAND PRICES IN WESTMEATH UP 13.8%
• The average price paid for land in Westmeath went from €7,390/acre in 2012 to €8,412/acre in 2013, a price hike of 13.8%
• Supply in 2013 remained stable with 3,155 acres of land on the market compared with 3,140 acres in 2012.
• Our analysis shows that 19 farms in Westmeath made between €5,000/acre to €10,000/acre while seven properties sold for more than €10,000/acre.
10% DROP IN OFFALY LAND VALUE
• The average price of land fell from €8,528/acre in 2012 to €7,677 in 2013, which represents a 10% drop.
• Supply of land in 2013 dropped by 3.2% from 2,362 acres in 2012 to 2,287 acres last year.
• The 2013 average price of land per acre in Offaly is 18.3% below the national average of €9,400/acre.