The CERHA HEMPEL Real Estate Insider provides an insight to the real estate industry in Austria and CEE. Besides reviews on case-law and legal developments, the Real Estate Insider covers all aspects affecting the industry including market trends and insights, project and deal reviews, reviews on political and legislative developments, reports on events etc. As one of the leading real estate practices in Austria and CEE, our team is fluent in advising clients on all aspects of real estate law from cross border portfolio transactions to building organizer projects to rental agreements and constructions matters, you name it.
On the last day of 2021, the Tax Code of the Republic of Belarus was amended by Law No. 141-Z. Among other significant changes, some changes related to the taxation of real estate were introduced.
In 2021, the preliminary theses of the Code of Territorial Planning, Urbanism and Construction (the "Urbanism Code") were published. Various specialists, representatives of public institutions and professional entities with competences in the field of construction were involved in drafting these ideas that served as the basis for the Urbanism Code.
In its judgement 3 Ob 78/12y of 21 October 2021, the Austrian Supreme Court dealt for the first - but probably not for the last - time with the question of rent reduction during lockdown. With regard to a complete nonusability of business premises due to officially ordered prohibition of access, a first fundamental decision is now at hand.
On 4 September 2021, the new Regulations on Concurrent Building Design and Construction (the "Regulations") approved by Resolution of the Council of Ministers of the Republic of Belarus No. 486 dated 27 August 2021 came into force.
There have been several changes to the Hungarian real estate market recently, particularly in relation to apartments in Budapest.
Despite the pandemic, the real estate investment sector in Bulgaria remains dynamic. While the interest in suburban housing and second homes has certainly risen as a reaction to the restrictions introduced in relation to the pandemic, urban real estate investments remain the focus of larger investors as demand continues to rise.
Since the general restrictions were launched back in 2020, no new regulation has been introduced in Hungary with respect to limiting private accommodation services, including Airbnbs.
After almost 20 years, the Condominium Act (Wohnungseigentumsgesetz) is being amended again. It is clear from the ministerial draft that the focus of the amendment, which is due to enter into force on 1 January 2022, is placed entirely on climate protection.
The evolution of the real estate market in Romania has been quite unexpected in 2020 and at the beginning of 2021, also taking into consideration the connections between this sector and other industries.
On 4 May 2021, the President of the Republic of Belarus adopted Edict No. 176 On House-Building Bonds (the "Edict"). The Edict has banned any new issue of house-building bonds in Belarus. In fact, the Edict discontinues the circulation of house-building bonds that started in 2009.
