Houses in Cuba for Sale
Those who think they should sit on the side-lines while the real estate market in Cuba coalesces into a mature system might just lose the edge they need to make a profitable purchase. No, the situation is not perfect, and some say it will take time for the Cuban government to further relax regulations and requirements, but many of the the houses already for sale in Cuba offer great value, and as international investment grows, the opportunities for high returns will most likely increase exponentially.
Many foreign buyers have already entered the Cuban market through local partners and agencies for that exact reason – to gain a strong foothold in a quickly developing property sales market. Current government policy, allows non-resident foreigners to buy property in Cuba through a joint venture with a Cuban national or via a totally owned Cuban foreign capital company. What’s more, the property can be used for either tourism related purposes or private use. Foreigners can also buy commercial property to set up offices, hotels or holiday apartments.
Of course, the Cuban residential, office and commercial property market is still far from a breeze to navigate; but then every foreign country has its own particular hurdles and obstacles. The Cuban government, while having eased purchasing and selling requirements under Raul Castro’s guidance, is still keeping a fairly tight rein on the property market as a whole, but this no longer means opportunities are hard to come by.
Cuba’s growing global appeal as a tourist destination, plus fast and access to Florida and much improved political relations with the United States, is prompting many property pundits to predict that the island will offer one of the hottest worldwide property markets within the next decade, or even sooner. Visits by Americans have exploded since the USA removed Cuba from the list of countries that sponsor terrorism – a step that will also assist Cuba in conducting more business with other countries in the world.
As one example of how tensions have eased, many Americans attended the 12th Havana Biennial, the first since the announcement to normalize relations between the two countries. The show saw artists from 42 countries exhibiting work, as well as highlighting the quality of Cuban art and culture. In a bizarre flashback to the heady days of Americanisation of Cuba, the Beverly Hills Women’s Club even toured a gallery in Havana, owed by artist Kadir Lopez.
Joseph Gonzales, a respected professor in the US who has been travelling to Cuba for years, was reported in the media saying that the island will see even greater advances when economic changes are further established. The changes are already occurring, so now may well be the time to purchase a house or condominium in Cuba, before prices rise to match those on the mainland in Florida.
