Shmyhal: Launch of market to double land prices in 3-5 years

"When it comes to land market opening, it means establishing justice. Land market opening will make land prices increase at least twofold over the first 3-5 years. Such are our assessments, such are the assessments of experts," Prime Minister Denys Shmyhal said at the All-Ukrainian Forum "Ukraine 30. Land", an Ukrinform correspondent reports.

He cited data from the Ministry of Economy, according to which more than 4 million hectares of land with an estimated value of about $20 billion have been transferred into communities’ ownership in recent years.

The Head of Government stressed that "landowners – about 7 million Ukrainians who own land – will benefit from the reform."

He also expressed confidence that the business would also make a profit on the launch of the land market.

As reported, on March 31, 2020, the Verkhovna Rada adopted the Law "On Amendments to Certain Legislative Acts of Ukraine Concerning the Circulation of Agricultural Land." On April 28, it was signed by President Volodymyr Zelensky.

The document stipulates that the moratorium on the sale of agricultural land, except for state-owned land, will be lifted from July 2021. Citizens of Ukraine, territorial communities, and the state may acquire the right of ownership of agricultural land plots.

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