Legislation Allows Purchase of Homes for Renters in World Heritage Sites
- 16 Jun 2021 6:52 AM
- Hungary Matters
Parliament passed legislation allowing residents who have been renting apartments for at least five years in historical monument buildings located in World Heritage Sites to buy their rental property.
The legislation makes it possible to purchase state or municipal rental housing for individuals who have already rented their apartment at the end of last year.
The apartments can be bought at a discounted price by tenants or their direct relatives. The discount depends on how long a resident was a renter.
Those who have rented an apartment for at least 25 years can buy it for 15% of the determined market value.
If the lease is not yet 25 years old but the renter has lived there for more than 15 years, 50% pf the value must be paid, while in the case of a lease period between 5 and 15 years, 80%.
A 5% discount is available to those who pay the purchase price in one lump sum. In case of instalment payment, the purchase price must be paid within 25 years. The purchased homes cannot be sold for four years.
Special provisions apply to properties in the Castle District in Budapest. Here, except for the state and the local government, only Hungarian or EU citizens can acquire property rights.
Municipalities can use the proceeds from the sales to renovate or modernize the facades of residential buildings.
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