Government scheduled land market opening in Ukraine for October 2020

The agricultural land market liberalization is scheduled by the Cabinet of Ministers of Ukraine (the Government) for October 1st, 2020. This was stated by Prime Minister of Ukraine Oleksiy Honcharuk within the framework of the conference "Land as a development factor of Ukrainian village" held today in Kyiv.

"We need to grow by 5-7% a year. We are not opening the land market right away as we need to prepare for it. We thought we'd launch the market on July 1st 2020, but having spoken with the people cultivating the land, we moved the market opening to October," said Oleksiy Honcharuk.

He added that Ukrainian citizens and companies will be able to buy farmland.

"In Ukraine, the sale of agricultural land is officially prohibited, but there is a grey market, so the government plans to launch the land reform, which will allow people to legally buy and sell land," added the Prime Minister of Ukraine.

Oleksiy Honcharuk also noted that the government was working with the National Bank of Ukraine (NBU) on a mechanism to reduce the credit interest rate.

"After the launch of the land market, Ukraine should additionally grow by at least 2%," commented Oleksiy Honcharuk.

Previously, Ukrainian President Volodymyr Zelenskiy stressed that only Ukrainian agriproducers and Ukrainian companies would be able to buy and sell agricultural land after the farmland market opening.