The US and Cuban authorities have announced a project to restore American Nobel laureate Ernest Hemingway's home near Havana, where he penned one of his most famous and last pieces of fiction, "The Old Man and the Sea". Hemingway stayed in Cuba for a long period of time, from 1939 until just before he committed suicide on July 2, 1961. The famous writer originally stayed in the Ambos Mundos hotel in Havana and then moved out to his colonial-style residence, Finca Vigia. An American foundation, restoring the legendary writer's home in Cuba, signed an agreement with the Cuban government to import construction material directly from the US to aid the preservation efforts, CNN reported on June 21. The joint US-Cuban project will build a workshop adjacent to Hemingway's home in Cuba to restore and maintain thousands of the famed writer's documents, rough drafts and letters. Mary-Jo Adams, the executive director of the Boston-based Finca Vigia Foundation, named after the writer's house, said the foundation has received approval from the American and Cuban governments to bring US$ 860,000 worth of supplies from the US for the new construction. In January, as part of a shift in the US policy towards Cuba, President Barack Obama authorized the exportation of building materials to the island for the first time since the US broke relations with the island following the 1959 revolution. His widow, Mary, donated the house to the Cuban government, which displays Hemingway's books, clothing and even a collection of fermented lizards. Many of Hemingway's works are considered classics of American literature. Some of the most famous include "A Farewell to Arms" (1929), "For Whom the Bell Tolls" (1940) and "The Old Man and the Sea" (1951) for which he received the Nobel Prize in Literature in 1954.

As reported by mail.ru, the first deputy minister of Cuban Domestic Trade Odalys Escandell announced, that on December 15 authorities cut prices on building materials by 20-30 percent. According to Escandell, prices were lowered for 122 items of building materials, including concrete blocks, sanitary ware, bricks, waterproofing and other materials. It should be noted, that prices in all 286 building material stores are determined by the Cuban government. Deputy minister also added that since December 20 all residents wishing to renovate their homes or build a new one, had the opportunity to apply to banks for loan and about 5 hundred new bank offices were opened around the island. Problems in construction industry remain as one of the main obstacle of island's economy. According to officials, over 40 percent of housing is in poor condition. The country's leader, Raul Castro and several other leaders have repeatedly talked about the need to stimulate the development of private home remodeling segment.

Cuba announced a new property law, that promises to allow citizens and permanent residents to buy and sell real estate - the most significant market-oriented change yet approved by the government of Raul Castro, and one that will probably reshape Cuba's cities and conceptions of class. The new rules go into effect on November 10, reported The New York Times. For the first time since the early days of the revolution, buyers and sellers will be allowed to set home prices and move when they want. Transactions of various kinds, including sales, trades and gifts to relatives by Cubans who are emigrating, will no longer be subject to government approval, the new law says. The new law includes some provisions that seem aimed at controlling both speculation and the concentration of wealth. Owners will be limited to two homes )a residence and a vacation property) and financing must go through Cuba's Central Bank, which will charge fees, which have not been determined. And a tax of 8 percent will be split by the buyer and seller.