Agricultural land prices in Ireland rose by 10%

The Agricultural land prices in Ireland have risen by 10 percent in the first four months of this year, a recent survey has found.

The survey was conducted by estate agents Ganly Walters and was based on the land sales in Connacht, Munster, Leinster and Ulster regions.

The average per acre price in the European country has propelled to €11,511 as compared to €10,586, the average per acre price over the 12 months of 2012.

So far this year 3,000 acres have been sold out of the total offered 13,500 acres, the survey reported. The most activity was witnessed in Leinster region, where 4,680 acres were brought to the market at an average price of €10,345 per acre.

The agents sold Milverton, Demesne, Skerries, North Co Dublin on 468 acres over two lots on behalf of the National Asset Management Agency (NAMA). Their initial demand was €7.5 million but the deal is believed to have been conducted somewhere close to €7 million.

The average per acre price in Connacht was €11,224. The highlight sale was Inish Turk Beg Island off the coast of County Mayo that was sold out by Ganly Walters for €2.85 million.

In Munster the average per acre price was €9,476, the survey evaluated after covering more than 1,000 acres sold. The average per acre price in Ulster was €15,000.

The managing director of Ganly Walters, Robert Ganly said that the demand for land remained strong and is expected to be stronger towards the end of this year.

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