Compensation or restitution?: An analysis of the Hungarian Land Compensation Acts 1991‐92

Examines the resolution of rights to former expropriated owners of land and buildings in Hungary. Looks at social and economic implications of the choice between compen‐sation and restitution. Analyses the initial results of the Compensation Acts 1991‐92. Indicates that the social goals may now have been achieved but the land market remains largely dysfunctional. Analyses the results of the first Government auctions. Suggests that the resultant price structure is unreliable. Outlines what has been achieved in the transformation process. Concludes that the future is still uncertain and dependent on public policy and general economic conditions.