Cuba now has a real estate market? According to a November 14 article in FloridaRealtors.org – Property sales became legal in Cuba as of November 10,2011… for the first time in decades.
A sign of economic reform and opportunity? According to that article the window is open for real estate purchases in Cuba (although apparently limited to those already residing within it’s boundaries).
Foreigners cannot purchase property in Cuba … at least not yet…
And Cubans wishing to do so must pay in cash, documenting that funding with a paper trail … And with the country still under socialist regime …and Castro still in power … investing in Cuba may prove somewhat problematic.
Many are hesitant to invest in Cuba… given the current economic and political situation. But not only that. There’s also the fact that
1) Government salaries pay about $20 a month in Cuba and
2) Home prices range from
a) $11,000 for a 2 bedroom apartment in Havana’s Nuevo Vedado District to
b) Hundreds of thousands of dollars (& upward of a million dollars) in the Veradero area.
I see real estate opportunity in Cuba as being a bit farther down the road still.
MiamiRealEstateCafe.com … Whether you are interested in investing in Cuba or Miami … or elsewhere internationally … call Alexandra and Vicki Restivo at EWM Realtors 305 793-1365. e-mail: restivo.v@ewm.com
