Since 2021, residential development in rust-belt areas in Hungary enjoys various tax incentives. Buyers of such properties are not liable to value-added tax and this tax break, given that that VAT payable on new flats is expected to rise from 5% to 27% from 2024 onwards, is just going to increase in value.
For a residential development to qualify for the rust-belt tax scheme, developers have to submit an application package to the Governmental Rust Belt Committee[link].
Building on our expertise in the new residential construction sector we are ready to assist you with your rust-belt development plans by preparing the documentation for you. Needless to say, we treat everything related to your project strictly confidential.
Contact us for more details.