The purchasing and selling of private property was legalized by President Raul Castro in Cuba last November in a bid to keep the struggling Communist state afloat.
Only citizens and permanent residents are allowed to buy properties in the Communist country but many Cuban exiles in America are entering the property markets through friends and family on the island – bumping up property prices.
Reform: Cubans can now buy and sell real estate for the first time in more than 50 years – but many still won’t be able to afford that option
Now many homes in Havana are being sold at $250 per square meter – 12 times the average monthly wage of $20.
One family, Yoel Cruz and his father are selling their three bedroomed house for $22,000, more than a thousand times their monthly income of $19.
Mr Cruz told The Times: ‘It’s incredible. In Cuba incomes are very low and house prices are very high.
For those of us who don’t speak the metric system, $250 per square meter equals about $25 per square foot.
Photo by mirandalovestravelling.com.
Make residual income by providing online page one organic results that every small business needs to grow.
Our one-of-a-kind training program allows you to successfully enter the lucrative world of commercial financing.
Unlimited income while helping others succeed. Only for the educated and qualified entrepreneur.
Amazing opportunity for only $500 in an industry that is prime for sales.
What could be better than earning up to 100% commission on the sales of exciting cruise and destination vacation packages?
Millions of people retire in poverty - but it doesnt have to be this way!