November 3rd, 2011
01:14 PM ET

Cubans allowed to sell real estate

In a move that could reshape the Cuban economy, the government on Thursday announced a new law that allows for the sale of real estate, a transaction that had been banned since the 1959 Cuban Revolution.

The National Assembly in August approved a plan to permit the sale of real estate, and the legislation itself officially was put on the books Wednesday. It goes into effect November 10, the state-run newspaper Granma reported.

The new law allows for the sale, exchange, donation and gifting of real estate even in cases of divorce, death, or the owner leaving the country permanently.

As stated, the goal of the law is to "eliminate prohibitions and make limitations (to property ownership) flexible."

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soundoff (19 Responses)
  1. noemi

    Isthere cubans left there? I was for sure they sailed here on the car inner tubes. Ppl talk about the mexs. They didn't come across the ocean.and they wouldn't cubans can only live were its there for florida man. Send them back they smell.

    November 4, 2011 at 6:16 pm | Report abuse |
  2. noemi

    What realestate.innertubes make shift bannan boats.we allow them in why not everyone else? That's all florida is that and blacks .

    November 4, 2011 at 6:53 pm | Report abuse |
  3. CSS Award

    Thank you for providing such a vital information. Keep it up!
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    January 20, 2012 at 7:43 am | Report abuse |
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    Get a business up to $5,00000 for a period of 7 years depending on the use of loan. These loans are guaranteed by the government accessible to all men.

    March 2, 2012 at 12:20 am | Report abuse |
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