- 22 Apr 2013 9:00 AM
There is no need to establish a Hungarian company or obtain residency in order to buy, on the other hand there are restrictions for agricultural land a forests. Ownership is recorded in the cadaster-based Land Registry, where “title deeds” are centrally administered to ensure their accuracy and safety.
Each change of ownership or lien is registered based on purchase contracts (submitted by a lawyer) or court orders, in order of arrival. Since it takes longer to file and publish the changes, a “side note” is entered on the title immediately after the purchase, which is legally binding.
Title to a property is very secure. In the rare case a property is municipality-owned, a right of lease may be the subject of purchase, however there are restrictions. Owning property in Hungary does not entitle anyone to obtain residency in the EU, nor does it make the immigration process easier.
By Andras Patkai, Entrepreneur, Founder and CEO of CE Invest Group, and expert blogger on real estate and property issues in Budapest and Bratislava.
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