The supply of land to the market in Co Galway took a major plummet last year, with 3,072 acres offered for sale compared to 4,552 acres in 2015. This represents a 32.5% decrease. Similarly, the number of completed sales also dropped, with 28 transactions recorded last year compared to 46 sales in 2015.

Average values also experienced a reduction but not to the same extent as the supply. The average price paid for land in Co Galway last year was €7,157/acre – down 4% on the previous year when the average stood at €7,443/acre.

Prices ranged from €2,000/acre for a 39-acre parcel of land in Connemara to a top price of €23,704/acre which was given for a really attractive 135-acre residential farm overlooking Galway Bay at Renville House, Oranmore, Co Galway.

The property came with a period house, a court house, a cottage and some of the best limestone land in the county. Intense competition at the auction saw the hammer fall at €3.2m to a prominent businessman.

Other farms that sold included a prime quality farm situated in the Tuam region which averaged €9,000/acre; a residential package close to Kilkerrin sold for €6,800/acre; a 30-acre block of land in the Claregalway region made €8,400/acre; while a good-quality grazing farm in the Cummer region averaged €8,000/acre.

There was also a 40-acre farm in the vicinity of Ballinaloe that sold for €6,100/acre; a small parcel close to Dunmore made €4,600/acre; 20 acres near Kiltevna averaged €10,000/acre while a nice residential holding in the Cummer region made €7,100/acre.

Apart from Renville House, the other two big farms that were brought to the open market were Bermingham House, Tuam, which features a seven-bedroom house on 211 acres and a 100-acre non-residential farm at Rathglass, New Inn. Both were offered by private treaty. Of the 28 completed sales, 15 farms made €7,000/acre or less.