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,
Those looking to buy second homes in a foreign country have many things to consider, not least the cost of living, the availability of products they are used to back home and the cultural differences that might face in their everyday dealings with local people.
Real estate in Cuba is no longer tied up in government rules and regulations as it was a few years ago, which has brought some positive effects for locals as well as opportunities for international investors.
Although often associated with communism and austerity, Cuba was once known as a lavish holiday destination for Americans, and Europeans also used to travel regularly in numbers to the island to enjoy its ‘no holds barred’ party atmosphere.
Long seen as an idyllic vacation spot and a destination for cultural adventure, Cuba is now becoming a major choice for buyers in search of their dream holiday home. Recent shifts in economic policy by the Cuban government have made purchasing property a lot easier,
The diplomatic opening between Washington and Havana is creating a frenzy of speculation over what might happen in Cuba if Americans can legally buy real estate again. But as a gold-rush mentality takes hold, foreigners need to proceed with caution.