The company has registered equity of Ft 100 million, the legal minimum. It is owned by Poligrupo, which used to organise so-called purchasing co-operatives.

Parliament approved legislation on the establishment of such communities in spring 2016, based on the UK’s building society model.

NOK groups collect funds for new home purchases over a 10-15-year period. NOK members get a 30% state subsidy on their contributions of up to Ft 25,000 a month, which they may only use to purchase new homes.

The lucky ones to receive new homes through the scheme are selected in a lottery. Those voluntarily paying more into the fund will receive an advantage in the drawing.

Source: Hungary Around the Clock

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