A new report on the land market shows that the selling price for large lands of more than 100 acres has decreased over the past year, especially in the Connacht/ Ulster region where they declined by approximately 13 per cent year on year.
In contrast, there has been an increase in smaller land transaction prices of up to 50 acres, with the largest increase being in Munster, where the average sellng price increased by 14.3 per cent.
The land report, compiled by the Society of Chatered Survyors Ireland and Teagasc, the Irish Agriculture and Food Authority, listed the average national price for land up to 50 acres with entitlements and a residential holding per acre as approximately €10,721. In Dublin it is €13,000, in Leinster it is €11,132, in Munster it is €11,378, and in Connacht and Ulster, it is €7,375.
The report also noted that lower feed and fertiliser prices means that the overall costs of production are expected to decline in 2014, and predicts an increase in farm incomes in 2014 by 13 per cent.