facebook
twitter
rss
account
search
search
 

Cuba relaxes real estate rules

Nov. 4, 2011 at 9:41 AM   |   Comments

HAVANA, Nov. 4 (UPI) -- Citizens and permanent residents will be allowed to buy and sell real estate in Cuba under a law that goes into effect Nov. 10, officials said.

The new law, published Thursday in Cuba's state-run newspaper, is a major change for the socialist country, The New York Times reported.

Buyers and sellers will be allowed to set home prices and certain transactions will no longer need government approval.

Some experts say the free trade of property could boost the island's economy, but critics contend the new law could exacerbate class conflict. They say the country's housing shortage means some people could face homelessness, the newspaper said.

Owners will be limited to two homes and financing must go through Cuba's Central Bank.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Lockheed Martin, Roketsan collaborate on F-35 cruise missile Lockheed Martin, Roketsan collaborate on F-35 cruise missile
2
GenDyn UK picks Lockheed Martin for vehicle turrets GenDyn UK picks Lockheed Martin for vehicle turrets
3
Survey: Harvard Law grads earn the most of any grad school in the country Survey: Harvard Law grads earn the most of any grad school in the country
4
Thailand orders more aircraft from Airbus Helicopters Thailand orders more aircraft from Airbus Helicopters
5
China overhauls legal system, at least on paper China overhauls legal system, at least on paper
Trending News
Around the Web
x
Feedback