- Increase in farming land expenses witnessed - Altenburger Land experiences record-breaking prices
Costs for fields and pastures in Thuringia keep climbing. Last year, buyers typically paid 13,605 euros per hectare for agricultural land, as reported by the data from the State Statistical Office in Erfurt. In contrast, the average price in 2022 was still 12,288 euros per hectare, amounting to a decrease of 1,317 euros. The most expensive territories were allegedly the Altenburger Land, while the cheapest were the forest-rich Saalfeld-Rudolstadt district. As per the statistics office, the number of agricultural plots transferred ownership also increased.
There has been an ongoing controversy in Thuringia over how to limit the acquisition of land by large, primarily non-agricultural investors or investment funds. An Agricultural Structure Act, which was previously before the state parliament in Erfurt, was not approved before the state elections. It would need to be reintroduced to the state parliament.
Marked differences in pricing
According to the statistics office, the typical selling price per hectare of agricultural land last year was 26,996 euros in the Altenburger Land district, 18,318 euros in the Unstrut-Hainich district, a fertile region in the Thuringian Basin, and 15,616 euros in the Nordhausen district. In contrast, agricultural land in the Wartburg district was sold for 8,444 euros per hectare, and in the Saalfeld-Rudolstadt district for 6,234 euros.
As per the statistics office, the majority of land transactions were for arable land, but also to some extent for grassland, such as meadows and pastures. A total of 3,430 agricultural properties were sold, represented by an increase of 353 transactions compared to 2022. In turn, this led to a total of 5,106 hectares being purchased by new owners, an increase of around 900 hectares compared to the previous year's 4,216 hectares. The overall cost of purchasing agricultural properties was approximately 69.9 million euros.
The ongoing debate in Thuringia centers around regulating the acquisition of agricultural land by large, non-agricultural investors or funds. Last year, agricultural land in the Altenburger Land district was sold at a significant premium, reaching 26,996 euros per hectare, highlighting the marked differences in pricing across the region.
