Govt moves to amend law to make real estate purchase risk free

The government on Thursday submitted a proposal to the parliament to bring necessary amendments to the law with the view to ensure that real estate acquisitions would not endanger national security.

The proposal sought revisions to the Act on licence requirements in real estate acquisitions, the Act on the state's pre-emptive right in certain areas and the Pre-emption Act, said the Ministry of Defence in a press release.

Earlier, a working group set up to prepare the matter submitted its report to the Ministry of Defence on June 23.

According to the proposal, a new section be added to the Act on licence requirements to ensure that real estate acquisitions would not endanger national security.

A licence application could be rejected, if the real estate to be acquired is not suitable for the purpose stated in the application.

It is also proposed that the Ministry of Defence be given more extensive rights to access information and the right to determine the funding of real estate acquisitions and their source.

Because of the amendments, the State would have the pre-emptive right to buy if this was necessary to ensure national security.

The State would also have the pre-emptive right to properties located at a maximum distance of 1,000 metres from the sites of the Defence Forces or the Border Guard.

The three-month time limit for exercising the State's pre-emptive right would rise to four months. It is also proposed that the State's pre-emptive right to buy would prevail over the municipality's right of pre-emption.

The proposed amendments would take effect in early 2023.