It was previously 100% illegal to purchase a home in Cuba, homes had to be bartered or swapped. It had been like that since the 1950’s.
Before 2011 it was illegal for a third party to bring a buyer and seller together and earn a profit from the sale of a home. The Decree-Law passed in 2011 is now allowing Cuban’s the right to purchase, sell, donate or trade their homes. Although the third parties, Realtors and brokers, still keep their business under wraps. There is no advertisement and they often operate under the guise of another business.
Even when a Cuban purchases a home, they don’t own the land. Cuba owns the land and provides 99 Year Leases to the homeowner. Truly, though, most Cubans live off under $20 per month and most can not afford to purchase homes. This means that the people currently purchasing the homes are expatriates.
I am still sorry to say, to you poor snow-bogged Canadians, that you are still unable to buy homes in Cuba. Only residents and people who now live in Cuba full time are able to purchase. Time will tell whether that door will slowly open to foreigners. Right now it is glued shut to prevent foreign building projects from taking over their Island.
If you feel the need to torture yourself, please feel free to check out the beautiful (and affordable) homes for sale in Cuba.
Looking for a waterfront view without having to travel that close to the equator? Give us a call at 1-800-367-2037.