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Friday, April 27, 2012

Cuba reforms spur 11,000 real estate, auto deals

Cuba reforms spur 11,000 real estate, auto deals
IANS India Private LimitedBy Indo Asian News Service

Havana, April 27 (IANS/EFE) Cuba registered in the first quarter of this
year 8,390 private sales of automobiles and 2,730 private real estate
transactions, according to official figures published Thursday by daily
Granma.

As part of the reforms undertaken to update Cuba's socialist model, the
government of Raul Castro in 2011 authorized the buying and selling of
automobiles and homes among private citizens, a move that put an end to
decades of prohibitions on transactions of that kind.

Granma Thursday emphasized that between January and March 2012 the
"increasing trend" in the transfer of these types of property that had
begun by the end of 2011 is continuing.

Besides these types of purchases and sales, during the first three
months of this year authorities registered 10,660 additional donations
of vehicles and 6,780 of houses.

The decree permitting the donation, purchase and sale of automobiles
among Cuban citizens and foreigners living in the country and making
more flexible the procedures for transferring vehicles by departing
emigrants went into effect Nov 1, 2011.

Nevertheless, the restriction on Cubans buying completely new autos
remains in force and the government continues to control those purchases
by issuing permits for such acquisitions through the Transportation
Ministry.

For more than 50 years, in Cuba people could only buy or sell autos
manufactured prior to 1959, most of them US-built.

The old cars continue to ply the streets of Cuban cities thanks to the
ingenuity of their owners at keeping them running and they have become
part of the country's local colour.

A few weeks after the decree governing auto transactions another one
entered into force authorizing the buying and selling of homes among
private citizens, and it also facilitated other methods of transferring
such property, including swaps and voluntary donations.

--IANS/EFE

http://in.news.yahoo.com/cuba-reforms-spur-11-000-real-estate-auto-060551340.html

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