Investor interest in forestry has fluctuated widely in Ireland over the past four decades since the advent of the first State-aided forestry programme in the mid 1980s. Sales of forests and suitable land for afforestation have been small and as a result forest valuation has relied on expectation rather than transaction value until relatively recently. The initial afforestation programmes created a climate for private investment but this decreased in the 1990s, mainly because premiums for private investors were less than a fifth of farm forestry rates when annual payments and their time scale (20 years for farmers and 12 years for private investors) were included.