Land market approved, turn for the IMF move

UKRAINE - In Brief 31 Mar 2020 by Dmytro Boyarchuk
A historical day! Late in the night, already on March 31st, parliament voted in a law on the land market. As we wrote yesterday the design of land market has been substantially reshuffled in light of COVID-19 crisis. The market will be launched from July 1st, 2021 (previously, October 2020). From 2021 only individuals could buy land plots with 100 ha cap in one hands (previously 200 thnd ha in one hands). Legal entities will be allowed to buy land from 2024 with 10 thnd ha cap in one hand. State-owned lands and lands of communities will not be for sale at all. Foreigners could buy land only after national referendum. Apparently, the new design is too much restrictive, especially if we compare it with the very liberal version which was initially proposed. But still it’s a huge step forward for our country given the fierce debates and dramatic resistance the the law faced. It was the second point on the IMF "to-do list". Now the Fund has to say its word.

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