Agricultural land prices drop in Cavan but on the rise in Monaghan

Agricultural land prices fell by 7% in Cavan last year while there was a rise of 5% in County Monaghan.

Average agricultural land prices fell by 1.6% nationally last year to €8,771 per acre, down from nearly €9,000 per acre in 2015.

That’s according to the 2016 Irish Farmers Journal Land Price Report.

This is the second year in a row that the national average has fallen, it fell by 9.9% in 2015, bringing the total fall to 11.5% over the past two years.

It’s the seventh year in a row that the national average was below €10,000 per acre.

A total of 73,778 acres were offered for sale last year – down from 74,629 acres in 2015, representing a 1.1% decrease.

However, despite the fall in 2016, the agricultural land market remains solid with a lot of activity in the auction rooms and plenty of deals getting across the line.

The average price of land in County Cavan dropped to €6,681 per acre last year – down from €7,217 per acre in 2015.

A total of 67 farms incorporating 2,104 acres were offered for sale.

Meanwhile in County Monaghan, the average price of land went from €10,023 per acre in 2015 to €10,543 per acre in 2016, representing a 5% increase.

A total of 69 farms were offered for sale in the county incorporating 2,309 acres.

Land Report Editor with the Irish Farmers Journal is Shirley Busteed, she explained why some farmers are selling up their agricultural land.