The median price of land per acre in Ireland in 2020 was €6,992, with almost 30,000 acres of land sold nationally in that same year.

However, the Central Statistics Office (CSO) said on Thursday that this figure has been on a steep decline.

Statistician at the CSO Anthony Dawson said: “Today’s publication shows that there was a noticeable decline in the volume of land sold in Ireland in 2020, with 29,031 acres of land sold at a median price of €6,992 per acre compared with 61,997 acres of land sold in 2019."

According to the figures released, permanent grassland sold in 2020 made a median price of €6,791 and arable land made €10,338.

Most expensive region

The figures also showed that the most expensive region to purchase agricultural land was in the southeast of the country, which included Wexford, Waterford, Kilkenny and Carlow.

Some 2,093 acres of agricultural land sold for a median price of €10,645 per acre in these counties.

The west, including Galway, Mayo and Roscommon, was the least expensive region to purchase land, where 6,412 acres of land sold for a median price of €4,625.

The least amount of land was purchased in the southwest of Ireland.

Only 605 acres of land was sold in Cork and Kerry in 2020.

Updated methodology

In a statement from the CSO, these figures were compiled using an updated methodology, which mean more transactions have been used in calculating the series, improving both the quality and coverage of the land price statistics.

"Previous years' data have also been updated to reflect this methodological improvement.”

In more recent developments on land availability and prices, the Institute of Professional Auctioneers and Valuers (IPAV) found that the supply of land is getting even tighter.

Tipperary received some of the highest prices achieved in the country, with up to €16,500/acre paid for quality grassland.

Eamon O’Flaherty of Sherry Fitzgerald Brady O’Flaherty in Maynooth says there was a reduction of up to 50% in the supply of fresh ground coming to the market in Kildare in 2021.

Prices in 2021 were in the region of €12,000/ac for good-quality permanent pasture and tillage.

“There is an increased number of hobby farmers who can now work remotely, as well as doing a small bit of farming,” he said.