Introduction of State Land Registry Brings Ukraine Closer to Free Land Market

KYIV, Ukraine, August 2, 2011 /PRNewswire/ --

The Law of Ukraine "On State Land Cadastre" was signed by the President today, providing the foundation for the lifting of the ban on land purchase and sale in the country. The law stipulates the introduction of the state-wide land registry. The one step left before the ban is lifted is the adoption of the Law of Ukraine "On the Market of Land," currently in the making. This will provide for a free land market in Ukraine that is a common world practice which proved to be effective in many countries.

The newly signed law was adopted by the Ukrainian parliament on July 7, 2011, and signed by the President of Ukraine Viktor Yanukovych today. The document sets out legal, economic and organizational basis for the introduction of the state land cadastre - a registry of all agricultural lands in Ukraine that will feature information on the location of the land plots, their borders, area, designated purpose, value, and the condition of the land. Access to the basic information will be free and open to everyone while access to more detailed information will require payment.

The introduction of the land registry is a part of the most recent land reform in Ukraine. The reform aims to introduce a full-fledged free land market in Ukraine. Presently, the moratorium on buying/selling land is in force in Ukraine due to the danger of detrimental land sales under present-day flawed legislation.

The implementation of the Law of Ukraine "On the Market of Land" will facilitate the formation of a fair land market in the country. The draft law by the Cabinet of Ministers of Ukraine has already been registered in the parliament on July 19, 2011. The adoption of this legal document will finalize the land reform in the country.

The land reform makes provisions for the establishment of the basic land price and will allow the creation of a healthy land market in Ukraine. According to the opinion of the Prime Minister of Ukraine Mykola Azarov, voiced in February this year, a competitive land market will attract considerable funds in the agricultural sector of Ukraine. The absence of an open land market was one of the main concerns of foreign investors.

SOURCE Worldwide News Ukraine