The Third Forestry Investment Plan has reported a record level of public interest, with the average investment rising to €6,000 (£4,725), or double the previous average.

Irish Forestry Services has raised more than €18 million from nine previous funds over the past five years and is predicting that the current fund, expected to reach €2.54 million, will close in record time as investors seek an alternative to the volatile stock market.

The fund, which will be invested in afforestation, promises a tax-free return of 9.6 per cent per annum over a 10-year period. The minimum investment is £500.