The National Cadastral Agency has calculated the value of land as part of its work on assessing national wealth, based on the existing cadastral valuation.
According to the agency, the value of land amounts to 615.376 billion roubles. Land accounts for 37.2 percent of the total value of the country’s economic assets, which Belstat estimates at 1.655 trillion roubles.
In the structure of land value, 53 percent is attributed to agricultural land, while 33 percent accounts for cities and urban-type settlements.
“It can be noted that each year the value of land increases by around 10 percent due to changes in real estate market prices, which are taken into account during the annual updating of cadastral values by types of functional land use, as well as due to the expansion of urban land and increased efficiency in the use of agricultural land,” the agency added.
