Agriculture: NI land prices rise to record highs
- Published
Prices are at their highest since the Celtic Tiger years
Agricultural land prices in Northern Ireland are at record highs, according to the Irish Farmer's Journal's Agricultural Land Price Report.
Land across the island of Ireland has broken an average of €12,000 (£10,500) an acre for the first time since the Celtic Tiger.
This is based on 870 farms or parcels of land put on the market by private treaty, public auction and tender.
Rising demand and tight supply has fuelled the increase in prices.
High dairy prices have played a part on both sides of the border.
Average prices in Northern Ireland in 2022 rose by 22% compared to 2021.
Overall, the average price paid for land in 2022 was £13,948 (€16,421) per acre.
That was an increase of £2,514 or €2,948 per acre on the previous year.
Counties Down and Armagh had the highest average price per acre on the island of Ireland, more expensive than Dublin.
Business buyers were behind almost half (43%) of purchases, tending to buy larger enterprises of an average 54 acres.
Prices rose by around 3% on 2021 and the total volume of land sold in 2022 was up by 5% on the previous year.