Background Information On Cuban Society - Real Havana: Explore Cuba Like a Local and Save Money - page 16

Buying And Selling Property
In 2012, the Cuban government legalized the buying and selling of property on the
island. For the first time since the revolution, Cubans could sell their home or buy a
new one. Owning more than one home is currently permitted. This was seen as
one of the first steps for the government to move away from a hard-line, state-con-
trolled economy to one of a public/private partnership of sorts, with increased
private enterprise.
The real estate industry is still nascent and transaction volumes are low. Home
prices are far higher than the wealth that most Cubans can ever expect to accumu-
late in a lifetime. Apartments in some large cities can easily have asking prices
equating to over $50 000 USD, making their acquisition nothing more than a
dream for the average worker. Most transactions are conducted by Cubans who
have access to foreign financial sources, such as family members who live outside
of the country.
It is important to note that real estate transactions are only permitted between
Cuban citizens. Foreigners are not permitted to own or purchase property on the
island.
Interesting Fact: In the past, if a Cuban citizen was to leave the island and seek
exile in a foreign country, such as the United States, he or she would forfeit all
property owned in Cuba. This property, including the home and all its contents
would be repossessed by the state. This is no longer the case. Citizens are now
permitted to retain all their belongings on the island even after they seek exile in a
foreign country. They are also permitted to retain their Cuban citizenship and to
freely re-enter the country.