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.