A condominium can be established for an existing or to-be-constructed building if it contains at least two units that can be registered as separate ownerships, which can either be residential or non-residential premises. Any other parts of the building become the common ownership of the co-owners.
In the first quarter of 2019 we have been seeing some speculation regarding how demand and supply of the housing market in this year will develop. In our previous article we have explained how the applicable VAT is most likely going to affect house pricing.
As a follow-up to our previous entry, we hereby introduce the most important changes regarding real-estate law in October-December 2018.
The year 2018 has brought many changes in the legislation of Hungary regarding real estates. There were many aspects that motivated the change in legislation, the most prominent of which were the social goals of the lawmakers like the state’s right of pre-emption, the increase of the security of real estate transactions, and the reform of the territorial administration for quicker and more efficient processes.
