The growth of prime tillage land values slowed "significantly" in 2024, according to the SherryFitzGerald Agricultural Land Market Review Q1 2025.

The review found that the growth value of land increased by 5.5% in 2024, compared to the 9.1% increase in 2023.

According to the review, the deceleration continued into early 2025, with an annual 4.0% rise in quarter one 2025, down from 11.6% in the same period in 2024.

It claims that the weighted average price reached €14,783 in quarter one of 2025.

Poor weather in 2024 negatively impacted cereal crop production and prices, leading to a slowdown in the price growth of tillage land.

The most significant price increase in the year to quarter one of 2025, was in the Border region at 11.8%.

The region has the second lowest average of prime tillage land at €12,667 per acre.

The Mid-East region has the highest average value of €17,625 per acre, an increase of 4.6%.

In the West region, the price of tillage land remained "stagnant" throughout the period, with the average value remaining at €10,200 per acre.

The SherryFitzGerald review highlighted the there are several obstacles facing Ireland's agricultural industry in 2025.

According to the report, Ireland's tillage sector is "dangerously exposed" to US tariffs, given the significant volumes of whiskey shipped to the US.

It also believes that the trade disruptions caused by US tariffs makes the Mercosur trade deal "more likely", and that it also poses a threat to Irish farmers.

The report claims that if the Ireland's nitrates derogation is not renewed, it is likely that farmers will need to acquire additional land to avoid breaching new stocking rate limits.

Finally, the report highlighted that lending rates are "close to half" the rates of 2024.

It claims that rates are likely to remain unchanged in July, but a further cut is expected later in the year.