Legal blog

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.

In the past months, one of the most relevant news and legal topic has been that of data processing. And alas the regulation of data processing in Hungary has arrived to a new milestone on July 17th 2018, when the Hungarian Parliament adopted an amendment of Act 113 of 2011 on the Right of Informational Self-Determination and on the Freedom of Information („Info Act”). The amendment of the Info Act is supposed to implement the rules of the General Data Protection Regulation 2016/679 (April 27th 2016.) of the European Union.

The time limit set forth by the regulations of legislation that brought into power the new Civil Code of Hungary is rapidly approaching. Based on which companies must synchronize their constituting document with the regulations of the new Civil Code not later than the 15^th of March 2016.

New trade registration system in effect in Hungary

According to the laws on tax- and electronic public road trade control system, products from 1^st January 2015 may only be distributed after the product is reported to Hungarian Tax Authority before transportation.