Elana Agrocredit’s new leases reached an all-time high at BGN 14.5m in Oct’23 (POSITIVE)

16.11.2023 Source: Elana Agrocredit; FFBH

After reaching an all-time high in terms of monthly amount of new leases in Aug’23 (BGN 11.8m*), Elana Agrocredit broke the record in Octt’23, when it reported 38 new leases for a total amount of BGN 14.5m* (12.6x YoY). The company financed the purchase of 7 270 daa (10.6x YoY) of agricultural land during the month at BGN 1 999 per daa (+19.8% YoY). YtD average price per daa was BGN 2 005, which represents 3.3% annual increase. However, the considerable increase in leases was at the expense of short term loans which tumbled 44.5% YoY to BGN 15.8m. YtD leases amounted to BGN 43.4m, +418.4% YoY. The size of the financed land increased to 21 606 daa YtD (+402.0% YoY). *20% of the price is down payment by the lessees.