At present there are some 300,000 cooperative apartments in Hungary. This constitutes about 7.5% of all apartments. From 2006 apartment cooperatives will probably be subject to a separate law. A housing cooperative is different from a condominium inasmuch as it has separate assets and it is a legal entity.
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1.4 Condominium
The first law on condominiums was promulgated in 1994. In order to resolve the high number of problems that occurred in practice, it became necessary to prepare a more current and precise law. This is Act CXXXIII of 2003 on Condominiums.
Section 1 paragraph (1) A condominium property is established when, in a building at least two stand-alone apartments or rooms not used as apartments, or at least one stand-alone apartment and one room not used as apartment specified in the charter document and technically divided became the separate properties of the co-owners (hereinafter: condominium). The land section belonging to the building, furthermore, building sections and building fixtures not specified as separate property, rooms not used as apartment and apartments – especially apartments of the caretaker or janitor – become the shared property of the co-owners.
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