Latest report shows increase in Leitrim agricultural land prices

Average agricultural land prices have increased by over €1000 per acre in land holdings under 50 acres according to the latest Society of Chartered Surveyors Ireland (SCSI)/ Teagasc Report released last week.
Average prices in Leitrim for these holdings increased from €5025 per acre to €6140 per acre since the last survey was conducted.
SCSI auctioneers and valuers are forecasting that the price of agricultural land nationally will increase by 8% on average this year, underpinned by a strong dairy sector.
In the latest survey, auctioneer, and valuers members of the SCSI, operating in the agricultural and rental markets say they expect national rental prices to increase at an even higher rate - an average of 14% - in 2023.
Looking at the wider picture for agricultural land prices in the county, Leitrim prices ranged from €6,140 per acre of good quality land to €3,300 for poor-quality.
In Connacht / Ulster, average prices for good land on holdings under 50 acres range from a €12,143 per acre in Donegal – the highest in the region - to €6,140 in Leitrim, up from €5,025 in the previous survey. Mayo had the second highest on €10,092 while Roscommon was third on €9,938.
Prices for poor quality land ranged from an average of €5,375 in Galway – up from €4,480 in the last survey and the highest in the region for this land type - to €3,300, in Leitrim, the cheapest in Connacht / Ulster on holdings under 50 acres. However, the land with the lowest value in the country is poor quality land in Mayo where the average price across all holdings is €2,866 per acre.
Auctioneer Gordon Hughes of Gordon Hughes Estate Agents in Ballinamore, says strong demand for good quality land from dairy farmers is driving the market.
“83% of agents in our survey believe there is likely to be an increase in demand from dairy farmers to purchase farmland in 2023 and they are continually ranked throughout the survey as being the most likely purchasers of land across the country. However, as outlined in this report it’s also likely that changes to the European Nitrates Directive, particularly measures aimed at protecting water quality will have an impact on land prices, especially rental prices.
“While land prices are lower in Connacht / Ulster, the region recorded the biggest increase in prices for good quality land and is forecast to do so again this year.”