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Cuba And Real Estate
There have been major changes for Cuba in recent years and they are now on the verge of a huge boost in real estate. Let me share with you the before and after picture of what real estate looks like in Cuba.
Cuba was overrun with American business and politics.
Fidel Castro nationalized private property, which meant that homes became the property of Cuba. In order to "get around" this, Cuban citizens "swapped homes" since buying and selling homes was prohibited.
Being a real estate agent was an illegal profession.
Only 6% of all residences had a registered title.
188 laws, regulations and legal procedures were revised to make for a simpler real estate transaction.
Cuban citizens can now sell their home and keep the profit.
a "great majority" of homeowners have registered titles.
A "legally assessed value" stays with the property for 5 years.
Being a real estate agent became a legal profession in 2013.
Buyers and Sellers
Cuban citizens can only own 2 properties (a primary residence and a "vacation home").
Since banks will not lend money to purchase, a buyer will have to use their own savings to buy the property or they must be financially backed by someone living outside of the country.
To advertise a property for sale typically it's by word of mouth.
There is no database for home sales and transactions are not public information therefore a seller simply has to say what they want for the home and a buyer then says what they will offer for the home and eventually they work it out.
What Can You Get For The Money
Right now 1 Cuban Convertible Peso CUC = $1USD. However to spend your US dollar, there will be a 10% penalty and a 3% currency exchange fee, which means that $1 USD will be worth .87.
In Havana proper, the average price of a 1 or 2 bedroom apartment to purchase is 25,000CUC. A detached 2 to 4 bedroom home in Havana will run on average between 60,000 - 200,000CUC.
Real Estate Development Opportunities Are Ripe
Golf courses and resorts will be a tremendous addition and great for tourism. This will bring along the added building of hotels, condos and timeshares. Not everything will be cigars and Cuba Libres in the beginning because the country will need to seriously upgrade their vital services such as sewer, roads, food and security.
Oh how things have changed since the days of Desi Arnaz AKA Ricky Ricardo!
Amy L Jackson | REALTORĀ® ABR, CDPE, MRP, PMN - serving Castle Rock, Parker, Denver, Highlands Ranch, Littleton, Aurora, Arvada, Westminster. Let my experience as a real estate professional and investor guide you through a smooth and enjoyable transaction. I stay on top of market trends and technology so that I can provide my clients with the highest level of service, skills, security and integrity. Contact me at 720-231-4118 or Amy@EXITRealtyDTC.com
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My name is Amy Jackson, I was born in Denver and have lived my entire life here in Colorado. Whether you like outdoor recreation, cultural activities, concerts or watching professional sports, thereā....