Land market adopted: what you need to know about the new law

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Under cover of night, from March 30 to 31, the Ukrainian people’s deputies proceeded to the final and most important vote on the land market.

Earth
Earth. Stock Photo – latifundist.com

It is reported by the “NPF” referring to “RBC-Ukraine“.

259 votes were enough to introduce the sale of Ukrainian land, which has been talked about since last year.

What awaits Ukrainians and Ukrainian land now, and is it really worth it to be afraid of the law passed? The bill adopted provides for the following points:

  • the launch of the land market will take place on July 1, 2021;
  • Until January 1, 2024, only individuals and only Ukrainian citizens will be able to purchase Ukrainian land;
  • foreigners will be able to buy Ukrainian land, if allowed in a popular referendum;
  • agricultural land, as well as land belonging to the State and municipal property, cannot be sold;
  • during the first two years following the start of the land market, a buyer may not acquire more than 100 hectares;
  • From January 1, 2024, Ukrainian legal persons will be able to buy land, but not more than 10,000 hectares in one hand;
  • the purchase of land can only be made in a non-monetary form;
  • banks can only become owners of land in the context of collecting collateral (in this case, the site must be alienated at auction within two years);
  • legal persons whose participants are citizens of the aggressor country and persons against whom sanctions have been applied will not be able to buy Ukrainian land (even if the sale to foreigners is authorized in a popular referendum);
  • foreigners will not be able to buy land 50 km from the border with Ukraine;
  • the price of agricultural land will not be lower than the normative monetary value (such a point will be valid until January 1, 2030).

Remember, we had previously indicated when a referendum on the land market will take place.

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