Cuba Catches Real Estate Fever

Recent liberalization of the country's property ownership rules by President Raul Castro have unleashed decades of pent-up demand for real estate and construction in Cuba, reports Victoria Burnett.

The relaxing of property ownership and construction regulations are seen as an attempt to get capital flowing, according to Burnett. "During the past two months the state has reduced paperwork, stocked construction stores, legalized private contractors and begun offering homeowners subsidies and credits."

And residents are jumping on the opportunity to renovate and invest in properties. One result, according to Burnett, is that "Many sellers plan to downsize, so they can live better or leave.

"Victoria Pérez, a retired doctor, put her spacious house and two-bedroom annex on sale last month for $80,000. She hopes to buy something smaller and put aside about $20,000 to live on and visit her daughter in the United States. 'To earn $20,000 would take 20 years,' she said. 'This opens up a whole world of opportunities.'"

Full Story: Cuba Unleashes the Pent-Up Energy of Real Estate Dreams

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Woman wearing city map tote bag

City Shoulder Totes

Durable CityFabric© shoulder tote bags available from 5 different cities.
$22.00
City Plate table setting

New Arrival! City Plates

City downtown cores printed on gorgeous decorative collectible porcelain plates.
$50.00