Cuba re-opens the property market
Over the next few days the Cuban government is preparing the way forward for a new way of buying and selling property for the first time since the 1950’s.
The property market per se was completely altered when Fidel Castro took power more than fifty years ago. A ban was imposed on buying and selling property aimed at ridding the country of wealthy property speculators that did not reside within the country. The state claimed property left behind by fleeing property owners.
In the decades since residents wanting to move home have had to follow convoluted rules allowing property ‘exchange’.
While complete details of the new law have not yet been confirmed experts believe home ownership will be restricted to one main residence and perhaps a holiday home and that only Cuban citizens or those who have permanent residency in Cuba will be able to buy property.