The land market was buoyant in Galway last year with average prices rising by 6% to €9,373/ac, an increase of €527/ac on 2022.

The supply of farmland for sale was also up. Our survey looked at 4,602ac for sale, on 146 holdings.

We did our calculations on 58 holdings sold by year end. The top price we used was €27,907/ac, well up on the maximum of the previous year. The lowest price was €1,659/ac.

Smaller parcels of land averaged €9,642/ac on sale whereas farms of over 40ac averaged €8,342/ac, a difference of €1,300/ac.

Galway land prices have risen for the last four years and prices have firmed for most categories of land.

Marginal interest

There’s new interest in marginal land because of the premium payments that can be drawn and farmers with decent land to sell are now targeting €8,000/ac to €10,000/ac.

An exceptional holding with a reasonable yard or house might have an asking price of €15,000/ac.

Colm Farrell Auctioneers handled the sale of a fine 107ac residential farm, in one block, near Gort.

The agent guided it at approximately €12,000/ac and it is believed to have exceeded this at sale. The farm was bought by an investor and is now available for lease.

Looking at auctions, Connaughton Auctioneers sold 32.4ac near Mountbellew for €13,157/ac and 31.3ac at Ahascragh, in lots, for €10,415/ac. Paddy Keane Auctioneers sold a 62.6ac residential farm at Redmount Hill, Laurencetown in east Galway for €800,000 or €12,779/ac.