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Another set of loopholes will be closed on the property market when the latest modifications to the 1994/LV. act on arable land enter into effect on August 1, 2008, regarding new restrictions to the acquisition of arable land. According to the actual practise until now, one could circumvent the pre-emption rights laid down in the law concerning arable land by gaining ownership of such land through a swap deal.
Up until now, the law contained no restrictions on swaps, so a transaction could be carried out with the arable land swapped for something other than another real estate (chattel, for instance). However, starting next month, two restrictions will enter into effect, in order to safeguard the original intent of the law and the protection of those having pre-emption rights. According to the new regulations, arable land can only be swapped for arable land, while one of the properties subject to the swap deal has to be located in a municipality where the swap partner acquiring the property already owns other property; or, the registered residence of one of the swap partners has to be in the municipality within whose administrative boundaries the property to be acquired is located.
In addition, the option of gaining ownership of arable land as a donation will also be tightened. As of August 1, only church-based legal entities, close relatives, public foundations, local governments and the Hungarian state can gain ownership rights to arable land through a donation.
