In 2023, 60,344 acres of agricultural land were sold nationally, a decrease of 2.5% on the 61,875 acres sold in 2022.
The median price per acre was €9,084 in 2023, 12.2% higher than in 2022 when it was €8,094.
Arable land commanded a considerably higher median price per acre of €16,275 in 2023, 17.0% above the value of €13,907 achieved in 2022.
Dublin and the Mid-East were the most expensive regions to buy agricultural land, with median prices per acre of €15,048 and €14,398 respectively.
The highest volume of agricultural land, 13,637 acres, was sold in the West region.
In 2023, 60,344 acres of agricultural land were sold in Ireland at the median price of €9,084 per acre. The mean transaction size was 18.3 acres. A total of 2,928 acres (4.9%) were arable land, which commanded a significantly higher median price of €16,275 per acre. The remaining 57,416 acres (95.1%) of agricultural land, sold at the median price of €8,887, were permanent grassland.
The total value of sales amounted to €526.4 million, an increase of 0.9% on the €521.7 million recorded in 2022. Arable land accounted for €43.2 million (8.2%), while €483.2 million (91.8%) was spent on purchases of permanent grassland. See Table 1.1, Figure 1.1, and Figure 1.2.
| Table 1.1: Transactions of Agricultural Land - Main National Indicators | ||||||
| Year | Type of Land Use | Median Price per Acre (€) | Mean Price per Acre (€) | Number of Transactions (Number) | Volume of Land Sold (Acres) | Value of Land Sold (€ Million) |
| 2021 | All Land Types | 7,529 | 7,926 | 3,659 | 60,610 | 480.4 |
| 2022 | All Land Types | 8,094 | 8,432 | 3,521 | 61,875 | 521.7 |
| 2023 | All Land Types | 9,084 | 8,723 | 3,289 | 60,344 | 526.4 |
| 2021 | Arable Land | 13,796 | 16,805 | 179 | 3,491 | 58.7 |
| 2022 | Arable Land | 13,907 | 16,028 | 187 | 4,004 | 64.2 |
| 2023 | Arable Land | 16,275 | 14,744 | 142 | 2,928 | 43.2 |
| 2021 | Permanent Grassland | 7,222 | 7,383 | 3,480 | 57,119 | 421.7 |
| 2022 | Permanent Grassland | 7,858 | 7,906 | 3,334 | 57,871 | 457.5 |
| 2023 | Permanent Grassland | 8,887 | 8,416 | 3,147 | 57,416 | 483.2 |
| % | |
| Arable Land | 4.9 |
| Permanent Grassland | 95.1 |
| % | |
| Arable Land | 8.2 |
| Permanent Grassland | 91.8 |
The median price is calculated by ordering the transactions in order of the price per acre and taking the mid-point, so that half of the transactions are made at a price above the median and half at a price below it. The mean price is calculated as a ratio of the total value to the total volume of land sold.
Neither mean, nor median price is suitable for measuring evolution between time periods, as the mix of the agricultural land sold in different periods can change over time.
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Statistician's Comment
The Central Statistics Office (CSO) has today (31 October 2024) released Agricultural Land Prices 2023.
Commenting on the release, Kieran T Healy, Statistician in the Prices Division, said: “In 2023, 60,344 acres of agricultural land were sold nationally, a decrease of 2.5% on the 61,875 acres sold in 2022, and down 0.4% on the 60,610 acres sold in 2021. The median price per acre was €9,084 in 2023, 12.2% higher than in 2022 when it was €8,094. Arable land commanded a significantly higher median price of €16,275 per acre than permanent grassland at €8,887.
Purchasers in Dublin and the Mid-East (Kildare, Louth, Meath, and Wicklow) regions paid the highest median price per acre of €15,048 and €14,398 respectively. The land was most affordable in the West (Galway, Mayo, and Roscommon) region where the median price was €6,745 per acre.
The volume of sales was highest in the West (Galway, Mayo, and Roscommon) region, where 13,637 acres of agricultural land changed hands. This compares with 127 acres sold in the Dublin region and with 5,199 acres in the South-East (Carlow, Kilkenny, Waterford, and Wexford) region.”