The Land Fund of Latvia purchases agricultural land with a goal to facilitate the preservation and use of agricultural land.
The Land Fund of Latvia purchases agricultural land from land owners — individuals and companies, concluding economically grounded purchase transactions.
The purchased agricultural land becomes the property of the Land Fund of Latvia, and in order to preserve and improve the value of the land, it is offered for sale or rent to entrepreneurs operating in the field of agriculture.
The Land Fund of Latvia concludes real estate transactions on the basis of the demand and offer on the market, taking into account:
- local market prices,
- the Fund operation’s objective,
- the efficiency of transaction,
- the principles laid down in the Law On Prevention of Squandering of the Financial Resources and Property of the State and Local Government and other regulations binding to the Fund.
The objective of the Land Fund of Latvia is to promote the agricultural land's protection, availability and preservation, as well as efficient and sustainable use thereof at a national level.
ALTUM is the administrator (operator) of the Land Fund of Latvia in accordance with the order issued by the Cabinet of Ministers of the Republic of Latvia.