Tyrone land prices rise by 20 per cent

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Tyrone farmland prices have risen sharply in the past year by 20 percent, bucking a national trend and suggesting that the farming sector is enjoying an economic boon.

The average price of local land per acre in 2013 was £10,423, well up on the 2012 average of £8,750.

The figures suggest that competition for arable land is becoming more fierce, especially in South Tyrone where land is almost twice as expensive as in the west of the county.

Land prices in South Tyrone can now command as much as £15,000 per acre, according to figures released by the Irish Farmers Journal.

Last year, the average price paid for land across Ireland failed to break the €10,000 per acre barrier in 2013 and has fallen by 5.6% to €9,400 per acre.

The mild winter and the likelihood of substantial yields coupled with a strong performance in the dairy sector have been listed as reasons for the sharp rise by farming experts.

Despite the small per acre decrease, statistically speaking, land sales nationally increased by 13%, the survey shows, and again, most of the farmland is purchased by farmers, who have had the field to themselves, (literally) since the economic downturn.

Over the entire country almost 13,432 acres changed hands in 2013, compared to 12,100 acres the previous year.