Ukraine's land market bill: amended draft limits purchases to 100 ha per buyer.

Legal entities will be allowed to purchase land plots from 2024.

REUTERS

REUTERS

Ukrainian President Volodymyr Zelensky's Office says the amended draft of the land market bill proposes a limit on land purchases at 100 hectares (ha) per buyer against the previous option of 10,000 ha.

"We have reduced concentration [of farmland] per person to 100 hectares. The second stage, for legal entities, will be introduced in 2024, there will be up to 10,000 [hectares]. Hence, the first stage is for individuals, for Ukrainians, that is 100 hectares per person," the presidential office quoted Zelensky as saying on March 27.

Thus, legal entities will be able to purchase land only from 2024.

The adoption of the draft laws, namely on farmland market and banks, is required to get a loan from the International Monetary Fund (IMF), Ukraine's key lender.

As UNIAN reported earlier, the Verkhovna Rada, Ukraine's Parliament, would not be considering the bill on farmland market on March 30.

Read alsoUkraine's Cabinet revises downward economy outlook for 2020

On November 13, the Verkhovna Rada adopted draft law No. 2178-10 to amend certain legislative acts of Ukraine on farmland turnover in the first reading. The document, which was submitted by the relevant committee, is designed to launch the farmland market in Ukraine from October 1, 2020.

On February 6, the Verkhovna Rada started considering the bill in the second reading. In total, over 4,000 amendments to the draft law were submitted for the second reading.

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