Your contact person for Hungary KR Georg Spiegelfeld Managing Director This e-mail address is being protected from spambots. You need JavaScript enabled to view it Tel. +43/1/513 23 13-0

Area: 93,033 sqm Population: 10.1 mn GDP (2009): EUR 93.0 bn. Capital city: Budapest Population of capital: 1.7 mn

Acquiring property: The contract of sale for a piece of property in Hungary must be established either as a notarial act or as a private document that has been drafted and counter-signed by a lawyer.

Property acquisition by foreign individuals: Foreign individuals may acquire property in Hungary on condition that there is a mutual agreement to this effect with the purchaser’s country (reciprocity) and that approval for the acquisition exists. The head of the administrative authority responsible grants approval for foreigners to acquire property that is not used agriculturally. In this case, too, no restrictions exist on acquiring shares in a company that are linked to property ownership. EU nationals and legal persons domiciled in any Member State of the European Union (or foreigners who have equivalent rights under an international treaty) may acquire title of ownership of non-agricultural land without special permission with the exception of properties serving as secondary place of residence, which may only be acquired subject to permission by the authority.

Agricultural and forest land: With the exception of the state and minicipalities and in some cases religious bodies, only natural persons are permitted to acquire areas used for agriculture or forestry in Hungary. Natural and legal persons from foreign countries, as well as even Hungarian companies, are therefore precluded from acquiring agricultural and forest land. Encumbrances recorded in the land registry pass over to a third party purchasing the piece of property.

Land registry: In Hungary, the legal relationships of rights to properties are registered in the land registry. Responsibility for maintaining the land registry lies with administrative authorities. When acquiring property, by the rule applies that only with the intabulation (i.e. entry) of the property title in the land registry does the buyer actually acquire ownership of the property.

Tel: +43 (1) 513 23 13 - 0, Fax: +43 (1) 513 23 13 - 23

We will be glad to offer you properties on request. Please make use of our contact and enquiry form. We will put forth every effort to deal with your request as swiftly as possible.