€7,000 an acre is average price paid for Galway land

THE average price for an acre of Galway farmland in 2020 came at just under €7,000 – a small increase from the previous year – according to a major land price survey published last week.

The Irish Farmers Journal Agricultural Land Price Report 2020 noted that after five years of falling land prices in Galway, a ‘modest recovery’ occurred last year.

In 2019, the average price of an acre of land in Galway was €6,556 which rose to €6,996 in 2020 and came in the wake of a sharp fall-off in supply last year.

According to the Farmers Journal report, the number of Galway holdings coming on the market in 2020 was just 61 – down from 107 in 2019.

In terms of area being offered for sale, this represented over a halving of the acreage on offer between 2019 and 2020 – down from 4,155 acres to 2,000 acres.

Over two thirds of the Galway holdings that came on the market last year were under 40 acres in size – as might be expected with the smaller farm sizes in the West of Ireland.

However, the ‘average price’ of almost €7,000 an acre masks a major gap in prices between the ‘dearest and cheapest – from a low of €1,229/ac to €14,844/ac.

The Farmers Journal’ report, also pointed out that while drystock and beef farmers are normally the ‘strongest buyers’ in the Galway land market, this wasn’t the case last year.

For more, read this week’s Connacht Tribune.

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