Louth knocked off top spot for land prices
Co Louth has been knocked off top spot as the most expensive county in the land.
That’s according to the latest Agricultural Land Price Report from The Irish Farmers’ Journal.
According to the 2017 report, available in the current edition of the Farmers’ Journal, land in Louth is selling at an average price of €12,854/ac.
While this is up 1% on 2016, the Wee County has been pushed into second place when it comes to the most expensive land in the Republic by Kildare at €14,020/ac. Neighbouring Armagh topped the pile for Ireland as a whole with an average price of £13,341/acre (€15,161) following an increase in land prices of 19%.
The report said: “Prices remain high in the Wee County. A substantial 19.5% rise in value in 2016 catapulted Louth to the top of the price value list at €12,463/ac and prices have risen a further 1% in 2017. Values in the county ranged from €8,077/ac to €18,824/ac, with a phenomenal 14 out of 15 properties sold in Louth all fetching over €10,000/ac.”
Properties sold included a 50.5 acre holding at Grangebellew near Drogheda, which sold under the hammer for €600,000 or €11,881; 78 acres at Heynestown, Dundalk (pictured above), which sold for an impressive €1,330,000 or €17,051/ac; and the impressive 99.92 acres at Coolstown Stud in Castlebellingham which was bought by a high-profile businessman in the area in a private treaty sale for an undisclosed sum.
Louth had the smallest number of acres offered for sale last year with 783, 40 acres less than Waterford which was second from bottom in the list.
In total there were 21 farms offered for sale, the third lowest total nationally after Dublin (16) and Waterford (15).
The report said: “It is no surprise that price remained high as supply was significantly back in the county last year. At 783 acres, Louth supplied the least amount of acreage to the land market in Ireland in 2017, behind Waterford at 823 acres and Longford at 906 acres. In 2016, 33 farms incorporating 1,398 acres were offered in Louth, with a 44% reduction in the last 12 months. This lack of supply led to good demand, with over 70% of farms offered sold. Louth is not the only border county ot have reduced supply with Cavan, Donegal and Monaghan all seeing a fall-off in acres offered.
“This is consistent with auctioneer sentiment in the area. Tight supply for both purchasing and leasing had led to high demand, reflective of the strong price in the area. One auctioneer told the Irish Farmers’ Journal that lands on the border were commanding a premium with stiff competition from both sides of the border.”
Of the farms offered for sale in the county last year 81% were by private treaty and 19% by public auction. Of those that went to auction half sold under the hammer while the other half were withdrawn. A total of 86% of farms offered for sale were non-residential while 14% were residential.