Real Estate Havana
Havana is spearheading the real estate boom happening throughout the Cuban property market. Cuba’s appeal as a tourist destination is growing quicker than ever before, coupled with improved relations with USA and an easing of foreign investment law, there has never been a better time to invest in the Island nation, and especially in the capital of Havana. Smart investors seem to agree and are flocking to get their piece of this tropical opportunity.
The investment conditions that currently prevail for those buying property in Cuba as a foreigner are far from ideal, but still much less complicated than they were a few years ago. There are currently two options for purchasing real estate in Havana. The first results in only part ownership of the property and is achieved through a partnership with a Cuban citizen. The second option does result in full ownership; it does however require purchase through a Cuban registered foreign capital company.
Even with these limitations in place, investors are clamouring to get their hands on property inside the capital as it is predicted to become a major tourist destination in the coming years. Real estate can be purchased for either residential or commercial purposes, with the latter requiring a connection to tourism in some way. Following the removal of economic sanctions by the USA, American tourists are increasing considerably, resulting in a need for hotels and resorts in the Havana area.
Although the property market has become far more accessible in recent years, there is still a way to go before it is as simple as other destinations, however, all trends suggest that it will continue to get easier and easier to purchase real estate in Havana and the island will offer profitable returns in the coming years.