The Cuban government approved a new policy that will permit foreigners to buy and sell residential real estate properties. Cuba’s foreign investment law only allows foreigners to own real estate properties that are tourism- and business-related.

While details of the new regulations have not been officially released, people already expect a boom in residential construction as 13 new developments around golf courses and 6 connected to marinas are currently being discussed.

If all projects are approved, there could be as many as 11,000 condominium units built that would be available for lifetime leases.