Cost of farmland across the EU climbs sharply

The average price of one hectare of arable land in the European Union reached €15,224 in 2024, marking a rise of 6.1 per cent compared with €14,343 in 2023, according to new data released by Eurostat today.

The figures also showed that the average annual rental price of arable land and permanent grassland increased to €295 per hectare in 2024.

This represented an increase of 6.4 per cent compared with the average rent of €277 recorded in 2023.

Eurostat said the data reflects developments in agricultural land prices and rents across the European Union.

Among the countries for which data were available, Malta recorded the highest average price for one hectare of arable land at €201,263.

The Netherlands followed with an average price of €96,608 per hectare.

Portugal ranked third, with arable land priced at an average of €76,556 per hectare.

At the other end of the scale, Latvia recorded the lowest average arable land price at €4,825 per hectare.

Lithuania followed with an average price of €5,590.

Slovakia also remained among the lowest-priced markets, with arable land averaging €5,823 per hectare.

Renting one hectare of arable land was most expensive in the Netherlands, where the average annual cost reached €941.

Denmark recorded the second-highest rental price at €580 per hectare per year.

Greece followed closely, with average annual rental costs of €509 per hectare.

In contrast, Slovakia recorded the lowest land rental prices, at an average of €69 per hectare per year.

Croatia followed with average rental costs of €76.

Malta also ranked among the countries with the lowest rental prices, at an average of €92 per hectare annually.