Saturday, November 5, 2011

End of an era

Cuba to Allow Buying and Selling of Property

Cuba announced a new property law Thursday that promises to allow citizens and permanent residents to buy and sell real estate — the most significant market-oriented change yet approved by the government of Raúl Castro, and one that will probably reshape Cuba’s cities and conceptions of class. The law published on Thursday amounts to a major break from decades of socialist housing. For the first time since the early days of the revolution, buyers and sellers will be allowed to set home prices and move when they want. Owners will be limited to two homes (a residence and a vacation property) and financing must go through Cuba’s Central Bank, which will charge fees, which have not been determined. And a tax of 8% will be split by the buyer and seller.

Posted by drewster @ 10:14 AM (3340 views)
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One thought on “End of an era

  • general congreve says:

    I’ve had a lot of enjoyment contributing to this website, and I see no reason why our Cuban brothers shouldn’t be given the chance to vent their spleen about their own housing bubble in a few years time, on CHPC.

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