As of July 28, 2015, a relatively new piece of real estate legislation, regulating conversion of right of use into ownership right on construction land, came into force (the “Conversion Act”). The Conversion Act creates possibility for certain, strictly itemized entities (e.g. privatized entities, holders of right of use on the land previously acquired for specific development, sport organizations, public enterprises, entities subject to bilateral succession treaties) to convert right of use into ownership right in exchange for compensation fee payment. Such fee equals the market value of the land, providing that holders are registered with the Real Estate Cadaster […]
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