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Land near urban areas back in demand

Monday, August 18 10:48:12

Investors and private buyers are again paying up to E20,000 per acre at auction for agricultural land close to suburban areas.

That's according to Ricky Wilson, Head of Wilsons Auctions' Dublin auction complex at Kingswood Cross on the Naas Road.

The business, which holds monthly multi-lot land and property auctions, covers residential, commercial, industrial and agricultural land across the 32 counties said it has sold in excess of 700 acres of Irish land and properties this year so far.

Demand is very much increasing, Ricky Wilson says, and the majority of buyers are still cash buyers with funds set aside for their chosen investment.

"We are seeing a lot more confidence from local businesses, farmers, private buyers, and investors that the Irish property market is again a good place in which to invest," the auctioneering boss says. In its half year report, Wilsons Auctions says that the beginning of the restoration of property values was evident towards the end of 2013, and that consistent increases are being recorded at auction since then.

Over 500 acres of agricultural lands, farms, homes and development sites within the Republic of Ireland have been sold this year to date by the company, with agricultural land sales showing the most dramatic price increases in recent months, at values per acre from E8,000 to over E15000.

Wilsons Auctions land and property division in Dublin has seen a huge increase in demand also recently and has converted 94pc of all vendor instructions at public auction. The business also manages private treaty property sales to maximise price potential in particular instances.

Local and international investors are again back in force, the company says, concentrating on the Irish market as a viable investment.

"National and international buyer interest has increased strongly since the beginning of the year, with prices generally finishing at 20pc or more over vendors estimated prices," Ricky Wilson says.

For more visit: www.businessworld.ie