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EU to nod on Hungary land purchase moratorium extension

The European Commission will probably grant Hungary a three-year extension to a moratorium on foreign EU citizens' purchase of Hungarian land, bruxinfo.hu reports, citing a reliable unnamed source.

Hungary currently enjoys a seven-year transitional period for the acquisition of agricultural land and forests, which will expire in May 2011. Self-employed farmers who have been resident and active in farming in Hungary for at least three years are not subject to the restriction. The European Commission had agreed that the transitional period might be extended by a maximum of three years if Hungary demonstrates the need for a safeguard clause. Hungary is expected to get the extension before the end of this year, the website said. (BBJ)