Perpetual usufructuaries may acquire their land

According to the new regulations, the Real Property Management Act will permit sale of land property to perpetual usufructuaries. 

The law also lays down negative conditions that prevent perpetual users from requesting the sale of land. Such a request will be inadmissible, if, among other things:

In view of the applicable exemptions, you must each time verify whether the perpetual usufructuary is entitled to request the sale.

The right to request the sale of land is particularly important for businesses which are perpetual usufructuaries. The existing legislation has allowed the transformation of the perpetual usufruct into the ownership but only in respect of properties used for residential purposes. 

The sales price of the real property will be determined in accordance with the rules laid down in the Real Property Management Act. As a rule, the price will be calculated by multiplying the existing percentage annual fee for perpetual usufruct by the value of the land and then multiplying by a multiplier of 20. The multiplier may be higher depending on whether: 

A claim for the contract of sale of the land under perpetual usufruct can be made within one year of 31 August 2023 (i.e. by 31 August 2024). 

Do you have questions about the newly-introduced changes? You are welcome to contact our experts.