During hearings over the amendments and supplements to be made to the Land Code of Armenia in parliament today, Minister of Territorial Administration and Infrastructure Suren Papikyan said the low threshold of the starting price for lands sold in Armenia will be raised.

According to the minister, lands will be alienated on competitive basis. Moreover, the starting price of lands on sale will be raised from 50% of the cadastre value to 100%. A person wishing to participate in the tender must pay 5%of the starting price, after which he or she will be issued a certificate of participation.

The bill also envisages providing an opportunity to change the designated purpose of lands. According to the minister, the proposed measures are aimed at engaging investments in farming, including the construction of slaughterhouses.