Demand for land led to price surge in 2021, survey finds
Demand for land around the country brought significant price increases in 2021, according to a survey by the Society of Chartered Surveyors Ireland (SCSI) and food and agri-research body Teagasc.
Co Kildare retained its position as having the most expensive land in the country up from €13,600 to €15,350 per acre, while the cheapest land in the country was in Co Leitrim where poor quality land was worth just €2,760 per acre.
In Munster the dearest land was in Co Cork at €15,071 per acre, while the dearest land in Connacht-Ulster was in Donegal at €13,375.
The survey predicts land prices will grow a further 6% in 2022 while land rental prices, that rose steeply in 2021, are forecast to continue to increase too.
Chair of the SCSI Rural Agency Committee James Lee said the lifting of Covid restrictions boosted sales activity and market confidence in 2021. There was also increased demand for small holdings with residential dwellings.
“One of the consequences of Covid is that more and more people are now working from home and in many cases seeking a better work-life balance outside the large urban centres.
“It’s worth noting that typically residential farms of less than 50 acres are around 20% more expensive than non-residential farms of similar size,” he said.