The average price of agricultural land increased nationally by 9 per cent in the first six months of this year as a direct result of higher commodity prices across a range of enterprises.

A study by Edward Townsend of Collier International, based on land sales in 2011, shows prices have risen to an average of €9,500 per acre, helped mainly by a pick-up in values in Connaught, where prices rose by 21 per cent to €7,500 per acre.

There was a 6 per cent pick-up in Munster, bringing the average price to €9,200 per acre. Prices in the other provinces remained unchanged at €9,600 in Leinster and €9,300 in Ulster.