Land market ‘healthy’ for 2025

Aisling Kiernan

Published: Fri 14 Feb 2025, 12:02 PM

Raymond Smith from Smith Property in Cavan and Ballyjamesduff believes the land market across County Cavan was “healthy” in 2024 with many positive indicators for 2025.

He was responding to the latest Land Prices Report 2024 from the Irish Farmers Journal. It found that, while prices remain unchanged in County Cavan last year, demand for land remained “strong”.

“The market for land sales in Cavan, Monaghan and Meath in 2024 was exceptionally healthy,” the local auctioneer said.

“There was a strong demand from a mix of interested parties - dairymen and business people - for both commercial enterprise and private ownership. Land traded well; we sold a mixture of lands from private treaty to auction and, in fact, with regard to auction, we had a 100% sales record with that.” Mr Smith says there was a “good level” of activity and the increased access to finance “something that wasn’t so prevalent in previous years” helped that.

“On the leasing/letting front, which was strong, in 2024 we achieved an average of €275 per acre,” he revealed.

“Small residential holdings where the property needed to be restored traded well… They attracted good interest and certainly the value of those properties has increased from €40,000 or €50,000 in the past to selling now for €80,000 to €100,000 - particularly in consideration of qualification for vacant home grants. They traded well and there is a good appetite out there for those types of holdings.”

With regard to the bulk of farms sold by Smith Property in 2024, the buyers were local. “There was external interest from other counties too but the majority of purchasers were either local business people or local farmers,” Mr Smith found.

“Land is being bought to use; as soon as it's sale complete, if the land needs a little bit of work done to it, the machines are onsite digging tracks, putting in drainage, clearing ditches and reseeding. This indicates that land is being bought and money is being spent on it after purchase so it is being reinvested in and is being future proofed for the next 10 years.”

Outlook

It’s looking like another healthy and positive land market for 2025 in Cavan, predicts Mr Smith.

He added that prices in the dairy sector - including 50c/lt for milk - are a contributing factor.

“The beef sector is holding firm as well so it’s a promising, healthy and good outlook for the farming community for this year.”