There is still a lot of anxiety in the rural land market around rewetting despite a crucial vote on the process being delayed in Brussels as opposition to the proposal builds.

A key vote by the European Parliament’s environment committee on the EU nature restoration law has been pushed back by 12 days to 27 June after MEPs scrambled through a series of votes seeking to amend the controversial proposals.

A number of auctioneers contacted by the Irish Farmers Journal claimed there was a lot of confusion regarding the sale and leasing of reclaimed peatlands as a consequence of the rewetting proposals.

Clarity

Auctioneers maintained that clarity around the rewetting agenda was urgently needed for both landowners and farmers.

Tullamore-based auctioneer Gordon Cobb - who works with GVM - said that rewetting was causing a lot of frustration among farmers.

“Any interference in the land market can cause anxiety with potential customers,” Cobb explained.

While he hasn’t sold any peatlands recently, he pointed out that environmental designations had impacted land values in the past and rewetting could have a similar effect.

Some well-located holdings have made up to €10,000/ac

Cobb said peat soils generally sold for between €5,000 and €7,000/ac in Offaly, or what he described as the “forestry price point”.

However, he explained that some well-located holdings have made up to €10,000/ac.

Any possible reduction in these land values would be a serious cause for concern, Cobb maintained. But landowners were hopeful that rewetting would not be introduced on a significant scale, he added.

“People are sceptical of it happening because it will be such a drastic change,” Cobb said.

Westmeath auctioneer Denis O’Rourke explained that stoked concern at two levels.

Secondary impact

It was not only the immediate threat that farmers may be forced to rewet their own land, but the secondary impact of land adjoining their holdings being flooded, the Moate-based auctioneer explained.

“There is a lot of anxiety,” he said.

Meanwhile, Roscommon-based farm consultant John Earley recently told the Irish Farmers Journal that three sales of farms with drained peatlands had fallen through because of the uncertainty around rewetting.

In contrast, Tralee-based auctioneer Eamonn McQuinn claimed that dairy farmers in Kerry were actually buying heavy ground - some of which may be in line for rewetting in the future.

McQuinn said such holdings are generally making between €4,000/ac and €6,000/ac. He said it was unclear why the lands are being purchased by milk suppliers, but it was believed to be linked to carbon credits.