In the first nine months of this year, the capitalization of the land market increased by 332 billion hryvnias or $3.9 billion, according to a report from the Kyiv School of Economics.
However, throughout the entire existence of the market, the growth in land prices in national currency has not exceeded the rate of devaluation of the hryvnia.
In the third quarter of 2024 alone, Ukraine registered 28,400 transactions involving 62,700 hectares of agricultural land—this is a record figure since the beginning of the full-scale invasion.
The area of land purchased by legal entities in the third quarter is the largest for the year 2024—15,900 hectares. In the first two quarters, the figures were 8,500 hectares and 13,000 hectares, respectively.
The volume of land acquisitions by legal entities is growing faster than the overall market growth; while the market volume increased by 3% between the second and third quarters of 2024, the volume of land purchased by legal entities rose by 22%.
As a result, the share of legal entities in the market increased from 14.5% in the first quarter of 2024 to 21.3% in the second, and to 25.4% in the third quarter of 2024.
The cost of a hectare of agricultural land has also increased—to 45,400 hryvnias per hectare for all sold lands and to 46,800 hryvnias per hectare for commercial lands. This is an increase of 4.0% and 4.2%, respectively, compared to prices in the previous quarter.
