Press Release: Commission proposes transition periods for purchase of real estate in candidate countries

On 4.5.01, the European Commission proposed to the fifteen EU Member States to allow the candidate countries who wish to limit the acquisition of agricultural land and secondary residences by other EU nationals to do so during a period of respectively seven and five years after their accession to the European Union. However, a review should take place after three years to determine whether this transitional period can be shortened or even lifted. Certain types of activities, in particular self employed farmers who wish to establish themselves and reside in the future new Member States, are not concerned by the proposal.