Saturday, November 5, 2011
End of an era
Cuba announced a new property law Thursday that promises to allow citizens and permanent residents to buy and sell real estate â€” the most significant market-oriented change yet approved by the government of RaÃºl Castro, and one that will probably reshape Cubaâ€™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 Cubaâ€™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.