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Latvian Land Fund has bought farmland for 1.13 million euros

Staff writer |
Since July 2015 when the Latvian Land Fund signed the first agreements on farmland purchases, the fund has bought from landlords 43 land parcels, 629 hectares in area, for 1.13 million euros.

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In Zemgale, the Land Fund has bought land plots of 187 hectares in area, followed by 161 hectares in Vidzeme, 131 hectares in Kurzeme, 92 hectares in Latgale, and 58 hectares of farmland in Riga Region.

The Land Fund not only buys farmland, but also leases it out to farmers who use to wish the land in farming.

By mid-February, lease agreements for 510 hectares of land were signed, and a few more agreements are being harmonized at the moment.

The fund was established on July 1, 2015 to foster use of land in agricultural production by buying unused land parcels from landlords and selling or leasing them out to those who wish to use them in farming.

The fund only buys unencumbered farmland for prices that do not exceed the average market price of farmland in the given region and county.

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