Categorized | International

Housing Market Starting to Thrive in Cuba

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The housing market in Cuba is starting to pick up at a fervent pace following the removal of the ban on buying and selling homes in the country. In years past, buying and selling homes was a risky endeavor that took place on the black market due to government restrictions. However, the recent decision by the Cuban government has given rise to rapidly growing residential real estate market.

In Havana, and all across the rest of Cuba, one can now see hundreds of for sale signs in front of homes. Although Internet access in the country is very limited, sales have been surprisingly strong, as word of mouth marketing has proven to be highly effective.

The homes for sale range from small, broken-down homes to luxurious homes in amazing shape. As such, there are buying options for Cuban citizens of all economic status levels.

The reduction of restrictions in the housing market is one of various governmental reforms expected to impact the economy in the next year. Cuba has taken action in the past six months to improve the overall health of their economy, which has been in shambles for years. While Cubans still may only own one residential home and one vacation home, the change in policy is most certainly welcome.

Buying and selling homes in Cuba is no longer the potentially dangerous transaction that it used to be. Furthermore, transactions are far quicker than they were in comparison to those that could actually be processed under the previous restrictions. As such, the housing market in Cuba is picking up, and has never been stronger.

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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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