Land close to towns selling for top prices

AGRICULTURAL land that is coming up for sale close to some of the major towns across County Galway is achieving higher than the market price because of the presence of property speculators.

It has been the experience of auctioneers that agricultural land close to major towns is commanding prices well above what they would normally be expected to achieve.

While the average price of decent agricultural land stands at around €7,500 an acre, prices closer to some of the towns are achieving three and four times this amount – despite there being no planning on these properties.

This is according to North Galway auctioneer Michael Ryder who believes there are those who are willing to pay for property close to towns in the hope that there will be a building boom at some future point.

And the Corofin auctioneer and former GAA club chairman said that there were speculators willing to pay six-figure sums for agricultural lands with no planning that are closer to Galway City.

He said that it was a bizarre market at the moment given the current crisis globally but stressed that there was still a huge demand for good quality land.

But Mr Ryder did point out that there had been a lack of building in recent years, mainly due to the pandemic and, in more recent times due to the rising costs of materials.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.