(1) The High Court and, subject to the provisions of this Act, the Circuit Court shall have jurisdiction for the purposes of this Act and "the court" shall in this Act be construed accordingly.

(2) Unless the necessary parties to the proceedings sign, either before or at any time during the hearing, the form of consent prescribed by rules of court, the Circuit Court shall not have jurisdiction in relation to land the market value of which exceeds €3,000,000.

(3) The jurisdiction of the Circuit Court to hear and determine any matter under this Act in relation to land shall be exercised by the judge of the circuit where the land or any part of the land is situate.

(4) In this section "market value" means, in relation to land, the price that would have been obtained in respect of the unencumbranced fee simple were the land to have been sold on the open market, in the year immediately preceding the bringing of the proceedings concerned, in such manner and subject to such conditions as might reasonably be calculated to have resulted in the vendor obtaining the best price for the land.