Economy 2021-09-15T05:52:30+03:00
Ukrainian news
Cabinet Proposes Rada Launch Land Market

Cabinet Proposes Rada Launch Land Market

Verkhovna Rada, Cabinet of Ministers, land market, Oleksii Honcharuk

The Cabinet of Ministers has proposed that the parliament launch a land market.

Prime Minister Oleksii Honcharuk announced this at a news briefing, Ukrainian News Agency reports.

"Firstly, Ukrainian land should be bought by Ukrainian citizens and Ukrainian companies. This is an unconditional principle. The only exception stipulated in the law is that foreigners can inherit land, but they must sell it within one year," he said.

Honcharuk added that nobody would be able to buy more than 15% of the agricultural land within a region.

“There are certain antitrust requirements, which boil down to the fact that nobody can buy more than 15% of the agricultural land in a region. This is being done to ensure that there will be no feudal lords owning all the land and to ensure that there will be competition," he said.

According to Honcharuk, no significant changes have been made to the text of the bill that was presented earlier.

As Ukrainian News Agency earlier reported, Prime Minister Honcharuk has said that a land market will be launched on October 1, 2020.

Honcharuk opposes the idea of granting only individuals the right to acquire land during the first stage of land reform.

President Volodymyr Zelenskyy has said that the land-market model proposed by the government stipulates that only Ukrainian citizens and Ukrainian companies can buy land.

Besides, Honcharuk has said that foreign citizens will be able to buy land plots if the moratorium on sale of land is lifted.