Friday, November 04, 2011

Markets In Everything: Home Sales in Cuba

JURIST -- "The Cuban government on Thursday announced the passage of a bill that will modify its housing law to allow permanent residents of the country to buy and sell their homes at will. The new law, which will take effect on November 10, will still limit home ownership to one house in the city and one seasonal house in the country, but will allow Cubans the freedom to buy, sell and trade these homes at their discretion. All transactions will take place through Cuban bank accounts so they can be regulated, and parties will be required to obtain a seal of notary for every transaction. There will also be bank commission collected for each sale and a tax of 8 percent of the value of the property. Cubans have not had the right to buy and sell houses since 1959 when former president Fidel Castro took over."

7 Comments:

At 11/04/2011 5:10 PM, Blogger Marko said...

This really is great - it once again reminds us of how truly unfree people were under marxism.

Now all they need is money to buy houses with . . .

 
At 11/04/2011 5:40 PM, Blogger Buddy R Pacifico said...

"Markets in Everyting: Home Sales in Cuba"

Community property takes on a whole different meaning.

 
At 11/04/2011 6:50 PM, Blogger Craig said...

If there is a mechanism (you know, like real banks) in Cuba that will allow the new homeowners to leverage their property into capital, then the Cuban economy might begin to awaken. Hernando De Soto is, no doubt, watching.

 
At 11/05/2011 7:24 AM, OpenID moneyjihad said...

Sorry, OWS crowd. Cuba has sold out to corporate banking interests. Who's your international hero now?

 
At 11/05/2011 12:04 PM, Blogger Ed R said...

Looks like a promising market for some sub-prime mortgages.

Where are the financial entrepreneurs??

 
At 11/05/2011 5:05 PM, Blogger NormanB said...

If there is no private property in Cuba now whom will new buyers buy from? I guess from the government which means the government will be getting revenues. So, this 'liberalization' must only be to fill the coffers of the Castroites. Further, how could the new owners be sure that their rights won't be reversed? I think it would be idiotic to believe that in Castro's Cuba that you could be assured of long term property rights. Better to keep your money and rent.

 
At 11/05/2011 8:58 PM, Blogger Hydra said...

Norm: kind of like zoning in the us.

 

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