KYIV, May 25 – Due to the opening of the land market in Ukraine, the price of land will at least double over the next three to five years, Prime Minister Denys Shmyhal said.

"The opening of the land market will lead to an increase in land prices at least twice over the first three to five years, these are our estimates," Shmyhal said at the Ukraine 30. Land Forum on Tuesday.

Commenting on the expected results of the introduction of electronic land auctions, the prime minister said the potential for increasing receipts to local budgets with effective land management is up to UAH 12 billion.