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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM

Meath farm sells for €13.5 million; Irish farm land most expensive in Europe
By Finfacts Team
May 28, 2008 - 4:51:31 AM

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Warrenstown Farm, Drumcree, Co Meath.

A 450 acre farm in County Meath on Tuesday was sold for €13.5 million, weeks after a 97 acre Meath farm fetched €1.86 million.

Tuesday's sale of the farm at Drumree, near Dunshaughlin, Co Meath, was one of the largest sales of agricultural land this year.

Warrenstown Farm originally formed part of Warrenstown Agricultural College, which was founded in 1923 and closed in 2001. It was run by the Salesian religious order, which still operates a horticultural college in Drumree, Co Meath. The order has retained Warrenstown House, a large period house, and college buildings, along with 70 acres of land.

The land was first offered for sale at auction on yesterday in four different lots and attracted a combined price of €7,675,000.

The farm was declared on the market at €13 million, and one further bid of €13.5 million secured the deal.

Last month, Gunne Country sold 97 acres at Clongiffen, Longwood, Co Meath for €1.86 million.

It was reported to have been the first Meath farm to sell under the hammer in 2008.

According to a 2007 survey by Savills HOK, Irish farmland is by far the most expensive in Europe - over five times more expensive than in England and 13 times more expensive than in France. In the last three years alone, agricultural land has trebled in value.

UK land prices jumped 25% in 2007; Irish dominant among foreign buyers; Average land cost in Ireland almost four-times higher than in Britain and the highest in Europe

European land prices hit record on food price boom; Irish land 10 times value of land in Scotland ; Six times that of similar farmland in England

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