Property sales return to Cuba
For the first time in almost fifty years Cubans are to be allowed to buy and sell their homes on the open market following the arrival of the new President.
After the 1950 revolution the government banned the sale of private property as part of the new rules and regulations affecting the people of Cuba. Since then the majority of Cubans do have title to their homes and can leave them to their surviving family upon death.
In order to move to another home the communist government set up a system called ‘La Permuta’ – meaning The Exchange which involved a complicated practice of trying to find another party to swap with. Permission had to be given by the government and money was not allowed to change hands – but inevitably corrupt officials were making money on the black market.
President Raul Castro plans for the new system to be in place by the end of the year which is expected to create a mini house building boom in the country.