The cost of agricultural land rose more than 10 per cent last year, with Dublin the most expensive region, as median prices per acre in the capital climbed above €24,000, data from the Central Statistics Office shows.
Some 57,212 acres of agricultural land were sold nationally over the 12 month period. That represented a fall of 8.9 per cent on 2023 and 8.1 per cent on 2022.
The median price per acre last year was €9,988, which was 10.3 per cent higher than in 2023 when it was €9,053.
Arable land, which is land worked regularly and generally under a system of crop rotation, commanded a significantly higher median price of €17,898 per acre than permanent grassland at €9,623.
Grassland is defined as land used for five years or more to grow herbaceous forage crops, through cultivation or naturally, and which is not included in the crop rotation on the holding.
Purchasers in Dublin and the southeast counties – Carlow, Kilkenny, Waterford and Wexford – paid the highest median price per acre of €24,125 and €14,991 respectively.
Agricultural land was most affordable in the Galway, Mayo and Roscommon region where the median price was €7,027 per acre.
The volume of sales was highest in the west where 12,782 acres of agricultural land changed hands. This compared with 475 acres sold in Dublin and 4,517 acres in the southeast.
Purchasers in Clare, Limerick and Tipperary spent €94.9 million on agricultural land, more than in any other region. At the other end of the spectrum, €14.5 million was spent in the Dublin region and €57.3 million in the Border region, which includes Cavan, Donegal, Leitrim, Monaghan and Sligo.
The mean price in the Border region was €5,857 per acre, which represented the lowest in the State.
The total value of sales amounted to €555.9 million, which was an increase of 0.3 per cent on the €554 million recorded in 2023. Arable land accounted for €67.5 million (12.1 per cent), while €488.4 million (87.9 per cent) was spent on purchases of permanent grassland.