Fidel Castro formally resigned as first secretary of Cuba’s Communist Party, a position he has held for more than 50 years, and handed power over to his younger brother, Raul, who has promised more economic and democratic freedoms for the Caribbean island, the marknews.com reported. In his speech, Raul Castro announced that people would be allowed to buy and sell their homes for the first time since the communist revolution in 1959, BBC News reported. For the past 50 years, Cubans have only been allowed to pass on their homes to their children, or to swap them through a complicated and often corrupt system. No details were given on how the new property sales could work. Raul Castro warned that the concentration of property would not be allowed.