Welcome to the Irish Farmers Journal Agricultural Land Price Report 2022, the 16th such report. Last year saw continuing strong demand for good farmland, with a modest 3% rise in prices. But what lies ahead in 2023? It would appear the answer is even stronger demand.

As always there will be plenty of bidders for the better land, for the land in intensive farming areas, for land near a town or city, particularly any with a residence.

We can expect higher than ever demand from dairy farmers, facing a new squeeze from tighter nitrates limits. Their problem is that greatest availability of land for buying or leasing is outside the major dairy counties.

Limited options

People with savings still face limited investment options. Interest rates in the bank remain close to zero. Buying rental homes or apartments has become less and less attractive. As every day passes farmland looks to be a reasonable option and it can be leased out with tax relief on the rental income.

Meanwhile, there is more cautious optimism about major economies. Energy prices have fallen from the peak of last summer, inflation is slowing in the EU. Cutbacks in the tech sector have not impacted hugely on Ireland. Other leading sectors – including of course, food – are performing well.

But, there are few expectations of any major increase in the amount of farmland coming on sale.

The Irish Farmers Journal Agricultural Land Price Report aims to capture the majority of land sales in both the Republic of Ireland and Northern Ireland and is the most comprehensive analysis of the land market.

Details are collected on private treaty as well as public auction sales with the data treated in complete confidence.

I would like to thanks auctioneers and their busy staff for taking the time to provide data and help.

I would also like to thank my colleagues: Amii McKeever, editor of Irish County Living, for her support; Andy Doyle for doing the calculations; Peter McCann for analysing the Northern Ireland land market; and Naomi O’Donnell for helping gather the raw data. Also, a big thanks to all on the production and advertising sides of the Irish Farmers Journal.