The Cuban Government has passed a law allowing individuals to purchase and sell private homes in the country for the first time in 50 years, official newspaper Granma announced this morning.
The law, which will come into effect on 10th November, will only apply to Cuban citizens and permanent residents in the country but is seen as the biggest step forward taken by the Cuban Government to date in a series of free-market reforms.
Since 1959, the absence of a property market has meant that an exchange of properties could only take place through complicated arrangements between private parties, as well as through black-market deals.
In October the purchase and sale of cars was legalised by the Government. Auto sales on the island had been previously limited to cars built before 1959.