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Foreign entities and individuals reported the purchase of sevefity-three tracts of land during 1980. according to S. Mason Carbaugh. Commissioner of the Virginia Department of Agriculture and Consumer Services. The tracts amounted to 32,000 acres, bringing the total purchased acreage reported through December 31, 1980, to 99,336 acres in 186 different parcels of land. The purchase price for the 186 tracts totaled over $112 million. These acres include 16,168 in cultivated land. 17,300 in pasture. 55,7% in forest, and 10,071 identified as nonagricultural land. Individuals and entities from 30 foreign countries have purchased land in 41 different counties in Virginia. West German investors have acquired the most number of tracts followed by those in Switzerland, Netherland Antilles. and United Kingdom. The law requires United States entities with foreign interest (foreign interests are those owning at least five percent of the entities) to report their acquisition. Such purchases are listed as foreign owned.
Foreign owned land represents approximately one percent of the total farm land in Virginia. This is an increase of one half of one percent over that reported January. 1980.
The percent of Virginia farmland in foreign ownership is double the national average, but is far less than the percentage of foreign holdings in other southern states which account for 32 percent of the national total.
Commissioner Carbaugh said that although the foreign ownership of land in Virginia is up somewhat this year, part of the increase in the percentage figure is due to the loss of agricultural land to other purposes.
Federal and state law also requires individuals to report any disposition of land. There have been 8 tracts, consisting of 1,039 acres which have been resold to United States citizens.
According to figures from
89.4%