At the end of last week, the state conducted seven auctions to sublease state agricultural land in the Volyn, Lviv, and Cherkasy regions, with a total area of 670.6 hectares.
The Land Bank reports that, following the auctions, the starting prices increased more than six times, reaching ₴21.3M. An average of 13 participants, both large agricultural enterprises and small farmers, competed for each lot, contributing to an average cost per hectare of ₴31,700.
The largest land plot was offered with an area of 191 hectares in the Cherkasy region, with the initial price increasing by 900%, reaching ₴9M. Another large lot in the Cherkasy region with an area of 128 hectares saw its starting price increase by 650% to ₴4.8M. In the Lviv region, the price of a 8.8 hectare plot increased almost by 1,300% to ₴200,000.
The total economic impact may exceed ₴25M, contributing to the state budget and developing the agricultural sector in the regions.