Thursday
July 24, 2014

Cuba Makes it Legal to be a Real Estate Agent

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Cuba Makes it Legal to be a Real Estate Agent

Cuba has lifted its ban on real estate agents, helping to expand its private economy.

“Until now, real estate agents have had to work in the shadows, fearing arrest,” CNBC reports. “Now, it appears they might be allowed to emerge from the shadows and give a push to a nascent real estate market on the island.”

The communist government has made several changes in order to boost its economy. Real estate agents were one of 18 new categories of independent employment permitted on the island, which President Raul Castro recently announced as part of his economic reforms. 

Cuba legalized the buying and selling of homes in 2011. However, it was against the law at the time to make any money assisting buyers and sellers in a real estate transaction. 

Source: “Cuba makes another job legal: real estate agents,” CNBC (Oct. 2, 2013) and “Cuba Legalizes Real Estate Agents, 17 Other Independent Professions, Put Limits on Others,” Associated Press (Sept. 26, 2013)

Read more:

Cuba: The Birth of a Real Estate Market