There was 57,212 acres of agricultural land sold nationally last year.
This was down 8.9% on the 62,823 acres sold in 2023, according to the latest findings from the Central Statistics Office (CSO). This was also down 8.1% on the 62,274 acres sold in 2022.
The median price per acre of Residentially Zoned Land also fell 6% year-on-year.
Despite the decline in the amount sold, the CSO’s Agricultural Land Prices 2024 report found that the median price per acre was €9,988 last year – a figure that was 10.3% higher than in 2023 when it stood at €9,053.
Arable land commanded a significantly higher median price of €17,898 per acre than permanent grassland at €9,623.
Purchasers in Dublin and the South-East (Carlow, Kilkenny, Waterford, and Wexford) regions paid the highest median price per acre of €24,125 and €14,991 respectively.
Agricultural land was most affordable in the West (Galway, Mayo, and Roscommon) region where the median price was €7,027 per acre.
The volume of sales was highest in the West region, where 12,782 acres of agricultural land changed hands. This compares with 475 acres sold in the Dublin region and with 4,517 acres in the South-East region.
The mean transaction size was 17.4 acres. A total of 3,289 acres (5.7%) were arable land. The remaining 53,924 acres (94.3%) was agricultural land.
The total value of sales amounted to €555.9 million, an increase of 0.3% on the €554.0 million recorded in 2023. Arable land accounted for €67.5 million (12.1%), while €488.4 million (87.9%) was spent on purchases of permanent grassland.
The CSO’s Residential Zoned Land Prices 2024 report also found that 766.8 acres of Residentially Zoned Land were sold nationally last year. The median price per acre was €231,171 in 2024, down 6% compared with 2023.
However, despite this decline the overall median price per acre has increased over the last 7 years with the 2024 figure 42% higher than 2018.
Purchasers in Dublin and the South-West (Cork and Kerry) regions paid the highest median price per acre of €642,613 and €362,789, respectively. The land was least expensive in the Mid-West (Clare, Limerick, and Tipperary) region where the median price was €98,062 per acre.
In 2024, the volume of sales was highest in the Mid-West (Clare, Limerick, and Tipperary) region, where 178.8 acres of Residentially Zoned Land changed hands. This compares with 61.8 acres sold in the Dublin region and with 25.3 acres in the Midlands (Laois, Longford, Westmeath, and Offaly,) region.
The vendor was an individual for 70.7% of the volume and 40.2% of the value of Residentially Zoned Land transactions in 2024, while construction companies were the vendor for 11.0% of the volume and 30.8% of the value of Residentially Zoned Land transactions. Also last year, the purchaser was an individual for 46.5% of the volume and 11.3% of the value of Residentially Zoned Land transactions, while construction companies were the purchaser for 32.4% of the volume and 63.5% of the value of Residentially Zoned Land transactions.
In 2024, Residentially Zoned Land that was subject to the Residentially Zoned Land Tax was 127% more expensive than Residentially Zoned Land not subject to the tax in 2024, with median prices per acres of €325k and €143k respectively.
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