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.
Start a local Social Media and online reputation business. No experienced needed! Only $99 to get started.
Be a part of the number one growth industry while securing your future with residual income.
What could be better than earning up to 100% commission on the sales of exciting cruise and destination vacation packages?
A internet marketing business system designed for you to be successful in your online business.
Amazing opportunity for only $500 in an industry that is prime for sales.
Make residual income by providing online page one organic results that every small business needs to grow.
Millions of people retire in poverty - but it doesnt have to be this way!