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The brand new regulation requires that all actual property transactions be made by means of Cuban financial institution accounts in order that they can be higher regulated, and it sets a tax rate of 8 p.c of the assessed worth - break up equally by buyer and vendor. At an intersection in central Havana that for many years has served as town's underground actual estate bazaar, individuals said the tax fee seemed reasonable within the abstract, however it will rely enormously on how authorities find yourself valuing the properties.
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After getting his PhD, Saiz was employed in 2003 as an assistant professor at the College of Pennsylvania's Wharton School; in 2012, he joined MIT, the place he is the Daniel Rose Associate Professor of City Economics and Actual Property. Cross-border property funding by Asians surged to $eight.6 billion in the first quarter, essentially the most lively start to a year since establishments in the region began a significant push into overseas actual estate in 2013, CBRE Group Inc.
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