Cuba has passed a law that now allows for private home sales, as reported by BBC. This law has been placed by President Raul Castro, who has started to open up the Cuban market since taken over for his brother, Fidel. BBC states that this is the first time that private homes have been able to be sold since 1959.
What This Means
Allowing private houses to be sold will not only allow for a more open market within Cuba, but the overall morale of citizens should rise with it. The social consequences over the past 5 decades are astronomical. Generations of families have been forced to live in a single house due to housing shortages and the lack of ability to purchase homes.
By offering an open market, there can be speculation that the growth of housing may increase. However, I believe that due to the socialist status of the government, economic growth will lack what could be a huge boom in the Cuban economy. This change is one of many movements President Raul Castro is initiating to make Cuba a better place to live.
BBC News UK
Post by Evan Amano
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