Properties for Sale in Cuba
Despite half a century of austerity, aided by a USA-imposed embargo, Cuba was once known as a playground for wealthy foreigners. Europeans and Americans flew or boated to the idyllic island to enjoy Cuban music at Havana’s famous clubs, soak or to up the warm Caribbean sun and bathe in its azure seas.
While decades of Communist rule prohibited such largesse, a recent easing of political tensions and regulations between the US and Cuban governments has opened the way for the return of many foreigners, including tens of thousands of Cuban-Americans, who are beginning to enjoy the many pleasures of this dynamic island once again.
Greater economic freedom is also opening up Cuban property to foreigners long kept from purchasing real estate in Cuba. The government still imposes several restrictions upon non-Cubans, but gaining access to properties for sale in Cuba has certainly become a lot easier. As the investment floodgates slowly open, the island is becoming known as one of the hottest vacation markets in the world, and will likely remain buoyant for the foreseeable future.
Discovering which properties are for sale in Cuba can still be something of a challenge as the island’s Internet is far from reliable and reliable online property portals are therefore quite limited. Without a properly functioning infrastructure being built by the government – and with cell phone usage only allowed since 2006 – many Cubans still rely on local daily or weekly newspapers and classified ads to offer properties for sale.
In contrast to such a low key approach, media reports have recently suggested that Cuban-American buyers are rushing to purchase dilapidated apartment buildings in Havana. Raul Castro’s government has also announced plans to develop several new golf courses, with million-dollar-plus villas, townhouses and apartments also being built by international developers.
Since Cubans themselves can only own two properties – a primary residence and a vacation home – the right connections are key to finding and securing quality properties. However, thanks to Cuba’s many attractions such as its natural beauty, proximity to the US, great food, culture and music, the decade ahead will likely prove to be a very lucrative one for investors willing to wait for the island to achieve its current potential.