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Cost of agricultural land set to increase by 8% this year

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By Ted Healy of DNG TED HEALY

The results of a survey on agricultural land values conducted by the Society of Chartered Surveyors Ireland (SCSI) was published earlier this week.

It predicts an increase in land values by an average of 8% this year and an increase of 14% on average in rental values.

The report titled, 'SCSI/Teagasc Agricultural Land Market Review & Outlook Report 2023', analyses the agri sector performance over the past year and projects how it will perform over the next 12 months.

In all 134 agri professionals and valuers were surveyed, who expect the outlook for dairy farmers to ease and a challenging future for sheep and tillage farming.

Rental Land values in Munster increased by an average of 13% in the last year with a 9% increase experienced in Leinster.

The report indicates that the average non-residential farmland prices in 2022 ranged from €5,564 per acre for poor quality land – up five percent from €5,308 in 2021 – to €11,172 per acre for good quality land – up two percent from €10,962 the previous year. Strong demand from dairy farmers for good quality land is driving the market.

The majority of those surveyed believe there is likely to be an increase in demand from dairy farmers to purchase farmland in 2023.

One point to note however, is that changes to the European Nitrates Directive, particularly measures aimed at protecting water quality, may have an impact on land prices, especially rental prices.

In order to maintain current levels of milk production – and to comply with the directive – many dairy farms will need to either increase their land area or reduce milk production.

The Residential Zoned Land Tax (RZLT) is also coming down the line at an alarming rate, farmers have until May 1 to make a written appeal. Under the new legislation farmers owning currently zoned land face an annual tax bill of 3% of the market value of their zoned land.

This will result in countless numbers of landowners facing crippling tax bills from next year on. It is expected that this new tax may bring forward extra land sales later this year before the tax takes hold.

The IFA (Irish Farmers Association) have this week sought a senior counsel review of the legislation governing the Residential Zoned Land Tax.

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Hermitage Green set for landmark St Mary’s Church concert

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The Wander Wild Festival, supported by Pig’s Lane, has confirmed that Irish trad-folk band Hermitage Green will headline a special concert as part of this year’s outdoor, culture, and wellness programme.

The performance is scheduled for Saturday, April 18, at St Mary’s Church of the Sloes, a venue chosen for its unique atmosphere and stunning acoustics.

Known for an original instrumental arrangement that features the bodhrán, djembe, rhythmic guitar, and banjo, the five-piece band is entering its 15th year with significant momentum.

Their 2024 album, Connection, showcased a broadened creative scope through collaborations with author Gregory David Roberts and artist Bobby Fingers, earning praise for its emotional storytelling and sonic ambition.

This recent success was mirrored on stage when the group closed the Rankin Woods Stage at Electric Picnic and followed it with a sold-out performance at Dublin’s Olympia Theatre.

Doors for the St Mary’s Church of the Sloes event will open at 8:00 pm on April 18, with tickets currently available through the official festival booking platform.

The Wander Wild Festival itself runs from April 17 to 19 and is supported by Fáilte Ireland, Kerry County Council, 53 Degrees North, Heineken 00, and Pig’s Lane.

With over 160 events scheduled across the weekend, the festival continues to establish Killarney as a leading destination for adventure and culture.

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O’Brien Coffey MacSweeney launches OBCM Wealth Management

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O’Brien Coffey MacSweeney Chartered Accountants has announced the launch of OBCM Wealth Management. The new brand has been established to reflect the growth of the firm’s pensions, investment, and protection services, marking a new stage in its expansion as a distinct financial services provider.
The growth of the division has been led by John Cronin, who joined the firm 18 months ago. Mr Cronin is a dual-qualified lawyer in Ireland and New York, a Qualified Pension Trustee, and a Qualified Financial Adviser. With over 15 years of experience across the legal and financial sectors, he provides specialist guidance on complex pension and investment matters.
John joins James O’Brien and Patrick MacSweeny, both of whom are Chartered Accountants and Qualified Financial Advisers. Their combined backgrounds in taxation and business advisory form the basis of the firm’s integrated approach to financial planning.
“We were delighted to welcome John to expand the existing financial services business,” said James O’Brien. “His extensive experience in the industry has already been a significant benefit to our clients. Combined with our tax and accountancy expertise, it enhances our ability to provide a comprehensive, client-focused service.”
The team at OBCM Wealth Management will continue to offer tailored professional advice aimed at helping clients build secure financial futures through dedicated pension and protection strategies.

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