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Government increases minimum rent payment for agro land to 3%

Government increases minimum rent payment for agro land to 3%

14 November 2008

The Cabinet of Ministers confirmed yesterday that the minimum rent rate on agricultural land would increase from 1.5% to 3%. Anna Dudchenko: The rent rate is calculated as a percentage of the cadastre value of land, which stands on average at USD 2,000 per ha. So, the increase of the rent rate from 1.5% to 3% means an increase in real values from USD 30 per ha per annum to USD 60, still among the lowest in Europe. Currently, the land lease payments of public agricultural companies vary from USD 35/ha to USD 63/ha.

———————————————————————————–
Company                           Sintal    Mriya  MCB Agricole  Land West  Landkom
Ticker                                       SNPS GF  MAYA GR       4GW1 GR    4K1A GR   LKI LN
———————————————————————————–
Current land under lease, ths ha        90      140           100         184               120
Cultivated area in 2008, ths ha         65       85              62           52                14
Cultivated/leased land, %              72%      60%           62%        28%             11%
Average land rent, USD per ha         37       63               40           35                 n/a
———————————————————————————–
Source: Company data

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