The second stage of land reform has had the opposite of the intended effect: businesses are not buying but selling hectares.

Beginning in January 2024, the Ukrainian land market is open to legal entities. Companies now can purchase up to 10,000 hectares of land officially. However, companies that already own many plots are sell them instead of buying them. Since the beginning of the year, businesses have sold 207 hectares of land.

Currently, the State Land Cadaster tracks 281 Ukrainian companies, each owning land larger than 100 hectares. Agricultural company Svitanok owns the largest amount of land in Ukraine, with more than 5,000 hectares, followed by the Druzhkiv Mining Administration, which owns 3,300 hectares. The top three is completed by Zemletreid, with 3,100 hectares.

From the top ten, only Zemletreid has sold more than 20 hectares since the market opened. Two companies, Dolyna and Ekor Garden STS, left the top ten landowners at the beginning of the year. These businesses have sold off their land bank, and now own less than 100 hectares. At the end of 2023, they owned 388 and 120 hectares of land, respectively.