Abstract
The relevance of the study is due to the abolishment of the moratorium on the sale of agricultural land and the risks arising from the land market opening in Ukraine. The paper aims to identify the effectiveness of land mortgages for the agricultural sector of the economy and determine the mechanisms of state policy aimed at legal groundwork to guarantee rights of landowners. The comparative analysis of the land market development in the Central European states contributed to identifying system-based state management of land market formation processes, which had a positive effect on the land reform outcomes in these states. The analysis results confirmed the timeliness of the land market opening in Ukraine, which is related to the chosen economic and political course. The investment attractiveness of the Ukrainian agro-industrial complex is due to high productivity of lands and is supported with the possibility of mortgaging agricultural land. Neutralization of factors hindering the foreign investment attracted to agricultural business will contribute to the attraction of efficient technologies and highly productive use of the agricultural land in Ukraine. Some measures aimed at the land relations transformation in Central Europe do not consider the peculiarities of the Ukrainian agricultural sector. In particular, it is not reasonable to sell agricultural land to foreigners. Assessment of certain provisions of the Law of Ukraine ‘On Amendments to Certain Legislative Acts of Ukraine on the Conditions of Agricultural Land Transactions’ No. 552-IX shows the inevitability of abuse by foreign-owned banking institutions of the possibility to alienate the lands pledged under any loan agreements. Criminalization of evasion from the alienation of agricultural land as collateral will prevent the risks of acquiring Ukrainian agricultural lands by foreign-owned banking institutions. It is concluded that the banking system will only perform the functions of an investor in the agricultural sector of the economy, so there is a need to strengthen the state regulation of the land market in Ukraine.
Highlights
Agricultural land is one of the unique natural resources of the state
The relevance of the study is due to the abolishment of the moratorium on the sale of agricultural land and the risks arising from the land market opening in Ukraine
The comparative analysis of the land market development in the Central European states contributed to identifying system-based state management of land market formation processes, which had a positive effect on the land reform outcomes in these states
Summary
Agricultural land is one of the unique natural resources of the state. Its value is stipulated with its resistance to devaluation, inflation and with stable profits gained by its owners from its use. Historical features of private ownership formation concerning agricultural land in certain Central European countries are close to the Ukrainian, in particular, in the Republic of Bulgaria, the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania, the Republic of Poland, Romania, and Hungary. Ter and other natural resources located within the the land market in Ukraine is an aggregation of territory of Ukraine, natural resources of its con- social relations developing concerning land dis-
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