Categorized | International

Cuba Eases Real Estate Restrictions

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For more than fifty years, residents were unable to buy or sell property due to a government ban. It appears that a change has finally come, as Cuba’s president has finally eliminated the restrictions related to residential housing sales.

The change will become official on the tenth of November. The nation has long suffered a housing shortage that has negatively affected a strong portion of the residents. Analysts hope that the lifting of the ban will lead to the new development of real estate across the country.

Despite the fifty-two year old ban on housing sales in the country, residents found ways to sell their homes. However, the process involved black market dealings, and often put many homeowners at risk. The shortage in housing had gotten so bad that even couples that had divorced were forced to continue living with each other under the same roof.

While the lifting of the restrictions is definitely a significant first step towards improving the housing market in Cuba, there are still other important factors to be considered. Those that fled Cuba are still banned from buying property in the country.

Although those international investors may help to provide a much-needed boost to the nation’s real estate market, the government does not wish to open their market to them. With that said, the nation will allow international investors that hold permanent residence to engage in the buying and selling of properties.

The changes in policy in Cuba come as a result of true necessity. The country’s economy has slowed significantly, and as such, Cuba’s government has deliberated on a variety of measures to improve its overall financial wellbeing.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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