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November 7, 2011

Here Comes The Cuban Real Estate Market

Hi Folks,
   Hope all is well, and glad to be with you!

   For many of us, the "Free" Cuba that we know about comes from history books or stories that have been passed down. For those of you who lived through Fidel Castro's takeover, this story will be quite interesting to you.

   In a recent story on the PropertyWire.com website, they broke a story that sums it all up; "New Cuban law will create a property market for first time since 1959". Property Sales have been banned since shortly after Castro took power in 1959, who wanted to stop the "absentee ownership by wealthy landlords", and gave title to whoever lived in a home. The result was that if you left the island, you forfeited your properties, says the website PropertyWire.com.

   For years, since a property market was illegal, the only way to swap houses was via black market deals, "complicated barter arrangements", "sham marriages" (to make deed transfers easier), as well as other mechanisms listed on the website.

   The new reform, which is a very important one by President Raul Castro, comes after a reform that permitted buying and selling of new cars, going into business for yourself, as well many other progressive reforms.

   As the website says, "Cuba has a population of 11 million people and a housing shortage", and that it is not unusual to find "three or four generations crammed into a small apartment or divorced couples under the same roof". Now, as we anticipate the approval by the Cuban National Assembly on November 10th, "Buying and selling property is to be allowed in Cuba with new rules coming into effect next week", which PropertyWire.com says us the "first official move to allow the creation of a real estate market".

   Additionally, the website says that it is not yet known if there will be restrictions on the number of properties a person can own or about how flexible the new property market will be, and says that "The effect of creating a housing market in the stagnant Cuban economy is uncertain".

   What does this mean? It means a stronger, more self-sufficient neighbor in our Hemisphere that can perhaps become a part of the Global Economy, which would mean a stronger influx of money, a potential repeal of sanctions, and an influx of tourism from not only the United States, but also from around the world. With Raul at the helm, Cuba might see the sky as the limit. Havana holds it's own future in it's hands...

   What are your thoughts?

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Have a Great Week, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #Cuba #Havana #RealEstate #FidelCastro #RaulCastro #propertymarket #reform

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