More than 37,000 acres of farmland were sold in Ireland in 2018, with the highest number of deals taking place in the west, according to the latest figures from the Central Statistics Office.
he figures show that 37,436 acres were sold last year for a total value of 210.8 million euros and a median price of 6,444 euros.
This volume of farmland sold represented 0.3% of all available farmland in Ireland and there was a 13.5% increase in the volume of farmland sold compared to 2017.
The average price in 2018 was €5,631 per acre with an average deal size of 17.9 acres.
The analysis highlights that there is a big difference in the price of arable land and permanent grassland in Ireland. Arable land made up 4.62% of the total farmland sold in Ireland, but it accounted for 9.16% of the total value of farmland sold.
In 2018, the median price for arable land was €11,821 per acre while the median price for permanent grassland was €6,186 per acre.
With a median price of €10,006 per acre, the Middle East was the most expensive place to buy land in 2018. The West region was the cheapest region with a median price of €4,829 per acre.
The Middle East was the region with the highest average price per acre of farmland with an acre of land selling at an average price of €9,013 in 2018. The lowest average price per acre was in the border region where an acre of land was €3,469.
The West recorded the highest number of farmland deals in 2018, with 685 deals in progress. The Southeast recorded the lowest number of transactions with only 123 transactions in 2018.
The West had the highest volume of farmland sold in 2018 with 10,416 acres sold. The smallest volume of land was sold in the Southeast region where 2,233 acres were sold in 2018.
The highest value of farmland sold in Ireland was in the West, where £44.69 million of land was sold in 2018. The South East had the lowest value of land sold in 2018 with 17.41 million euros of land sold.
Outside of Dublin, the most expensive price per acre of arable land was in the mid-west region with a median price of €16,817 per acre in 2018. The highest median price per acre of permanent grassland was in the south-sast at €9,941. per acre.
The lowest price per acre for arable land was in the West with a median price per acre of €6,425 per acre and the lowest price per acre for permanent grassland was also in the West region at €4,829 per acre.
The largest median price difference between arable land and permanent grassland was in the mid-west region where arable land cost €8,789 more per acre than permanent grassland.
The Midwest had the highest average price per acre for arable land with a price of $15,299 per acre. The Southeast had the highest price per acre of permanent grassland with an average price of €7,545 per acre.
The lowest price per acre for arable land was in the west with an average price of €9,049. The lowest price per acre for permanent grassland was in the border region with an average price of €3,469 per acre.
The west recorded the highest number of permanent grassland transactions in 2018 with 681 transactions. The highest number of arable land deals took place in the Middle East with 37.
The region with the largest area of arable land sold in 2018 was the Middle East with 1,033 acres sold. The West had the largest volume of permanent grassland sold in 2018 at 10,370 acres.
The Middle East had the highest value of arable land sold in 2018 with a total value of €10.88 million. The west had the highest value of permanent grassland sold with a total value of €44.28 million.