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Tuesday, 06 July 2010

Hungary seeks to extend ban on foreign land buys to 2014

Hungary will amend legislation to give the state the right to intervene in land sales and will seek to extend a ban on land purchases by foreign investors until 2014, its agriculture minister said. The country's accession treaty opens the land market to foreigners in 2011. Hungary's 2004 European Union accession treaty barred land purchases by foreigners until 2011 in an effort to prevent wealthy European investors from snapping up large chunks of arable land in the new member state.Similar transition clauses were negotiated by other ex-communist newcomers such as Poland and the Czech Republic. Hungary's new agriculture minister, Sandor Fazekas, told Reuters that Hungary had an option to extend the moratorium by three years beyond 2011, subject to the blessing of EU member states.

Source: Euractiv