Havana Real Estate
According to the Cuban-American real estate brokers with new offices in Havana, Cuba still has two distinct markets for property sales. One is called “Permuta”, and is reserved for locals to buy and sell among themselves. The other embraces foreign investors, and involves certain “designated properties and intermediaries” to complete the sale and purchase process.
Even with such a dual market, the government has seriously shifted the ground in Havana and across Cuba by relaxing regulations for purchasing properties. This has not only opened up real estate opportunities for Cuban nationals, but also for foreigners.
The change in attitude is seen as part of improving relations between Cuba and the United States, but is also an attempt to infuse some life into a long-stale economy worsened by a US-led embargo and a later withdrawal of Russian funds. Since the Cuban market has effectively been frozen for a half century, local investors, as well as those from abroad are welcoming any shift towards a more open market.
Though most real estate deals are still being completed between locals on the island, many Cuban residents are actively preparing properties to suit the many foreign investors now keen to buy properties and take advantage of the new economic landscape.
Three options are open for non-resident foreigners to buy properties. They can either purchase real estate through a totally owned foreign capital Cuban company, via an international economic association agreement, or through a joint venture with a Cuban national.
Not only have these choices encouraged many Cuban-Americans to make property purchases on the island, numerous buyers from other countries have also been looking at their options. The countries in Europe have long been a major source of tourism revenue for Cuba, and some visitors from these locations are now making the jump into property ownership as they see an opportunity for solid lifestyle and investment returns.
It should be noted that the actual number of value propositions on offer in Cuba is still quite limited, which means anyone considering the idea of a property play would be wise to make a move sooner rather than later. Another world awaits those lucky enough to own real estate on this paradise island. Thanks to a vibrant culture and the warm hospitality of the Cuban people, it offers a unique travel and lifestyle experience with the added appeal of what looks to be a bright economic future.