Over 60,000 hectares of unused land the state has been holding since the collapse of communism, primarily forested, is up for auction.

TALLINN — Want to buy land on discount? Come to Estonia!

The Estonian Land Board has put 11,000 hectares of state land on sale with 30 percent discount to increase revenue for the tight national budget and find new owners for untended national real estate.

Most of the land is forest and will go to the highest bidder. Over 60,000 hectares of unused state land is planned to be sold within next three years, and 120 properties can be found currently on sale on the website of Estonian Land Board.

Jaanus Tamkivi, the minister of the environment told Postimees on Tuesday that he is planning to sell up to 318 million krooni (€20 million) worth of land by the end of the month and hopes to receive up to 540 million krooni (€34.5 million) in revenue from this year’s land sales.

This is the second incarnation of the land sell-off. Buyers didn’t bite during previous sales, so the starting price is set 30 percent lower as it initially was.

“We would rather earn a little than nothing at all,“ Andres Põld, press spokesman of Estonian Land Board told Baltic Reports.

The land on sale now is a leftover of 20-year long land reform which returned 80 percent of the land, confiscated by the Soviet government, back to its initial owners.