Farmland in your area 2024: Northern Ireland and Republic of Ireland

A slackening of activity in the farmland market in some UK regions is being felt less keenly in parts of Northern Ireland  where hunger for land continues to fortify demand and prices.

In 2024, even counties where land is traditionally cheaper saw strong values, agents report.

As a part of the UK where farms are generally small, parcels that come to the market attract significant interest from farmers keen to increase their land base and that has pushed up prices.

See also: Farmland in your area 2024 – Wales

For the Republic of Ireland (ROI), it was a year of resilience too, with farmland prices averaging €12,500/acre (£10,400/acre), and a number of sales exceeding €20,000/acre (£16,660/acre), reflecting sustained competition for premium land and farms with scale.

Shaun Irvine, JA McClelland & Sons

Demand has been strong for all land types, but what was noticeable was the growing demand for larger farms which were once the more difficult properties to sell.

There has been an appetite for these – particularly from the dairy industry – on the back of stable milk prices.

Strong values for calves and cull cows and record prices for weanlings have all played a part.

Historically, land prices in County Antrim are lower than in some other counties, but we have also seen some very good values achieved here with land selling at £12,000-£15,000/acre, and the odd sale as high as £15,000-£20,000/acre.

South Armagh, where land has always been a strong performer, was no different in 2024.

Northern Ireland has a lot of small farms, so when land comes onto the market, farmers see it as an opportunity to expand – and that demand drives the higher values we see here.

There is a lot of concern about the proposed changes to inheritance tax (IHT) and how these will affect farmers in Northern Ireland more than other regions, because we have such a high level of owner-occupied land with virtually no long-term tenancies.

The number of smaller farms combined with the high land value would see a lot of farmers exceeding the £1m threshold. If you have a 100-acre farm with land at £15,000/acre, that’s £1.5m – and then there is the value of the house and buildings to add on.

However, land should still be seen as a good investment because, even with those changes, there is no IHT to pay on the first £1m and a 20% rate instead of 40% on anything above that.

James Butler, head of residential and country agency, Savills

The market in Northern Ireland experienced notable growth in 2024, with average land prices approaching £15,000/acre and a number of sales achieving £30,000/acre.

Demand is strongest in areas where anaerobic digesters are prominent.

While there was an increase in the number of farms and land parcels entering the market across the island of Ireland, the supply of large-scale holdings remained low, with fewer than 30 farms exceeding 200 acres offered.

Demand continues to outstrip supply for well-equipped, commercially viable farms, with the scarcity of large farms leading to intense competition and premium prices.

Average values remained firm, but a greater proportion of land entering the market in 2024 failed to find a buyer when compared to sales in 2023.

Values of smaller blocks were more localised; strong dairy regions saw demand and prices softening due to lower profitability in the sector.

Additionally, rising construction costs have placed greater emphasis on modern farm infrastructure, particularly well-developed farm buildings, as buyers seek ready-to-use holdings.

Land values are expected to be sustained in 2025 despite tightening agricultural margins and ongoing non-farming investment, driven by environmental and lifestyle factors, combined with the uncertainty around the nitrates derogation in ROI.

What sold well in 2024

Belle Isle Estate © Savills

The 448-acre Belle Isle Estate near Enniskillen, County Fermanagh, was bought by a local family when it was marketed by Savills at £5.95m.

As well as farmland, the estate comes with a castle, a walled garden and 17 cottages and apartments. 

For sale

Birdstown Estate © Savills

On the Irish border, Birdstown Estate at Burnfoot, County Donegal, is on the market with Savills at a guide price of £2.48m (€2.95m).

It includes 190 acres of prime grassland and 64 acres of mature woodland, in a ring-fenced block.

There is a five-bedroom period house, and modern buildings including slatted-floor sheds.

Sold in 2024 in Ireland

Kilree Estate © Savills

An Irish buyer snapped up the Kilree Estate, a productive farm with 535 acres in a ring-fenced block.

Sold by Savills in excess of its €7.75m (£6.65m) guide, the County Kilkenny farm had been in the same ownership since the mid-1950s.