The new real estate market in Cuba.
“It’s an extraordinarily important first step but it really is just a first step”
For a number of years in the early 1990 Cuban law permitted the construction of some condominium style buildings where foreigners could buy an apartment. Those who bought these are now able to sell them to other foreigners who are not residents in Cuba. After half a century in which they could only swap houses in a creaky, bureaucratic and often corrupt state-run process known as permuta (exchange), which involved finding two properties of roughly equal value and then getting state approval to transfer the title, Cubans are relishing their new-found economic freedom.