The situation is quite paradoxical. While many farmers are leaving their agricultural land idle, leading to its transformation into wooded land, there is a demand for this land from wealthier individuals, not necessarily for agricultural purposes.
A recent study conducted by the Small Planters Association revealed that 10,000 to 15,000 acres of agricultural land were abandoned before the Covid-19 pandemic. The association’s secretary general, Kreepaloo Sunghoon, estimates that by 2023, this figure could increase to 25,000 to 30,000 acres.
Sunghoon identifies several factors contributing to land abandonment, including heirs who are uninterested in agriculture, discouragement due to insufficient protection against calamities, and challenges such as labor shortages and underutilization of new technologies. Additionally, issues such as theft, inadequate seed quality, and the encroachment of concrete on agricultural lands are also driving planters to abandon their fields.
Furthermore, there is a trend of individuals with financial means seeking to invest in agricultural land, particularly in regions with high potential for appreciation in value. Real estate agents have reported an increase in inquiries from individuals seeking to purchase agricultural land for investment purposes, with some intending to convert it into commercial or residential land in the future. This interest in land investment is driven by the comparatively lower cost of agricultural land and its potential for future appreciation. In response to this situation, there have been proposals, such as the establishment of a land bank, to encourage owners to rent out their idle agricultural land instead of leaving it abandoned, providing them with an opportunity to generate income from their land.
Source: https://lexpress.mu/node/530307
