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."FULL STORY