THE value of land sold in the north rose by 8 per cent last year according to new figures.
Data from agents Best Property Services has revealed that on average an acre of land was valued at £14,000 in 2017, compared to to £13,000 in the previous year.
The figures also show that good quality land increased in value by 11 per cent per acre, while poorer quality land value dropped in value by 14 per cent on 2016.
On average there was a 20 per cent drop in the acreage of land sold in 2017 compared with the previous 12 months.
Rural building sites have improved in value over the past 12 months from an average of £45,000 in 2016 to an average of £60,000 in 2017 according to the data, although predominantly being acquired by eventual owner/occupiers as opposed to builders.
Managing director of Best Property Services, Garry Best said the data highlights an attitude shift in relation to poorer quality land.
"These figures highlight the attitude from buyers intending to farm the land taking the view that the inputs are too costly to be applying to average to poor quality land.”
Mr Best said throughout the year the firm experienced "growing demand" for larger farm acreage from both active farmers and investor purchasers, seeking Inheritance Tax relief and noted that development land opportunities remain in short supply.
Two notable sales in the final quarter of 2017 included a Victorian Mansion with lands in Armagh and a Grade B Listed House in Co Down, which fetched in excess of £3 million.
Dartan Hall, aVictorian Mansion, near Tyan in Co Armagh set on 115 acres of land was sold in November for £1.73 million, following strong bidding from four potential buyers. Set on 29 acres on the edge of the village, Rostrevor House in Co Down, was offered for sale at a guide price of £1.6 million and attracted strong interest due to its historical connections with the US. In spite of the American interest, a sale was negotiated in November to a local buyer who intends to restore the residence for private use.
Farm land opportunities coming onto the market early in 2018 include a 120 Acre farm at Lisnalee, four miles north west of Newry; 80 acres in the Loughgall area in Co Armagh and 19 Acres in the Jerrettspass area.
