Short answer. Yes. The owner of property whose usufruct is held by another may still alienate it, meaning you can sell or transfer it, but you cannot alter its form or substance, or do anything on it that would be prejudicial to the usufructuary, and the buyer takes it still subject to that usufruct.
What the law says
The owner of property the usufruct of which is held by another, may alienate it, but he cannot alter its form or substance, or do anything thereon which may be prejudicial to the usufructuary.
Civil Code, Article 581 — The Owner May Still Alienate. Read the full provision →
Owning the property and holding the usufruct are two different things
A usufruct gives someone else the right to use the property and enjoy its fruits, but it does not take ownership away from you. This article confirms that separation directly: the owner of property the usufruct of which is held by another, may alienate it. You still hold the underlying ownership — what the law calls the naked or bare title — and ownership carries with it the power to sell, donate, or otherwise transfer that title, even while someone else is actively using the property under the usufruct.
What you sell is the ownership, not the usufructuary's right
Selling the property does not end the usufruct or hand the buyer the right to kick the usufructuary out. The usufruct is a real right that attaches to the property itself, so a buyer takes ownership subject to that same usufruct, exactly as it existed before the sale. In practice this means the price a buyer is realistically willing to pay, and what they can actually do with the property once they own it, will reflect the fact that someone else still has the right to use it and take its fruits.
The two limits that come with your right to sell
Your power to alienate is not unlimited even before any sale happens. The same article ties your hands in two specific ways: you "cannot alter its form or substance," and you cannot "do anything thereon which may be prejudicial to the usufructuary." These restrictions apply to you as owner regardless of whether you sell, and they do not disappear from a buyer's perspective either — a new owner steps into your position, limits included.
Why this matters before you put the property on the market
If you are considering a sale, be upfront with any prospective buyer that a usufruct exists and will survive the transfer, since that materially affects what the buyer is actually acquiring. And if you are on the other side, buying property you know is under someone else's usufruct, understand that your ownership will not translate into possession or use of the property until that usufruct ends, on whatever terms originally created it.