Definition : Emphyteutic lease (long-term lease)

A long-term lease (minimum of 10 years and maximum of 100 years), under which the long-term lessor allows a long-term leaseholder to use land (and all real property therein) for a specified period of time in exchange for consideration. At the end of the emphyteutic lease, all improvements made to the land by the emphyteutic lease belong to the emphyteutic lessor (with or without compensation to the emphyteutic lease for the constructions). Divided co-ownership of an immovable that is built by an emphyteuta or that is subject to superficies may be established if the unexpired term of the right, at the time of publication of the declaration, is more than 50 years. In view of the absence of a right of ownership, in the land used to support the construction held in co-ownership, the syndicate of co-owners has a right of preference to acquire the rights of the owner or subsurface of the building. The law also provides for the possibility for the syndicate to renew the long-term lease without the need for new constructions or plantings or new works, other than useful impens.