Havana Real Estate Broker
Wise real estate investors have been quick to notice that the growth in the property market in Havana, which has recently started to open up for international foreign investment.
This opportunity still provides many challenges to the prospective buyer. However, many are able to look past the hurdles as they see profitable returns in the future of the Cuban economy and property market.
The primary issue faced by foreign investors is that the Cuban government oversees and controls much of the property market and retains homes that they deem to e of importance to the local civilian population. However, regulations on the sale of private property have become far more relaxed in the past couple of years.
Currently, there are two options for a prospective investor, with one resulting in partial ownership and the other in complete ownership of the property. The first is to enter into a partnership with a Cuban citizen and to share ownership of the property with them; the second option is to purchase the property through a Cuban registered foreign capital company which leads to complete ownership of the property.
To further encourage this trend of foreign investment, the Cuban government has introduced a temporary but renewable residency visa, which is renewable after one year assuming the individual has abided to the restrictions set in place. This has expectedly caused an influx of American retirees looking to settle on the stunning island nation, especially on the island capital of Havana.
Life in Havana is far safer than one might expect, and a range of upscale lifestyle options are fast becoming available now that the US embargo has been lifted. Transport in Havana is easy, with car, motorcycle or bicycle hire readily available everywhere and public transport systems more than acceptable.
Sea and air routes are available from Havana to some of the most beautiful rural attractions in Cuba. It is therefore no surprise that retirees and individuals seeking a second-home are flocking to purchase property in the beautiful capital of Cuba.