Real estate in Cuba: high demand and attractive opportunities

The island of Cuba, located in the Caribbean Sea, is part of the Greater Antilles archipelago of more than 4,000 islands. The northern coast of the main island is washed by the Atlantic Ocean and the southern coast by the Caribbean Sea, with the Gulf of Mexico to the northwest. The capital of the island nation is Havana. Cuba is known for its national parks and biosphere reserves, many of which are included in the UNESCO World Heritage List.

Cuba covers an area of almost 110,000 square kilometers and has a population of about 11.2 million. Cuba has a tropical-humid climate, with average temperatures ranging from 21 °C in February to 37 °C in August. The official language is Spanish.

In Cuba, the inhabitants are distinguished by cordiality, hospitality, love of fun and a good sense of humor. They know how to enjoy life, often get together to sing and dance. Cubans show kindness and courtesy, they are always ready to help and support. There are many foreigners permanently residing on the island, they are attracted by the mild climate, healthy lifestyle of local residents, bright national flavor, as well as a high level of medical care. Currently, small businesses are developing in Cuba, foreign investments are actively attracted, which indicates the country's readiness for entrepreneurial activity. Cuba is one of the safest places to live in the world.

The country offers a variety of residential areas, each with its own unique character and advantages. Whether you are looking for a secluded corner for a quiet life or a dynamic place full of cultural events, on this island you will find accommodation that suits your preferences and lifestyle: from luxury villas on the beach to cozy urban apartments.

For those who are looking for privacy, Cayo Largo is suitable with magnificent white beaches surrounded by turquoise water and beautiful lagoons. Cayo Ensenachos is the pinnacle of luxury in Cuba, offering exclusive apartments with direct access to private beaches, making it an ideal choice for investors seeking privacy and exclusivity. In Havana and Santiago de Cuba, the real estate market is lively due to its rich cultural heritage and numerous entertainment events, attracting tourists and buyers from all over the world. Real estate investments in these cities promise not only the enjoyment of local music and nightlife, but also the potential for rental income, especially in Havana, where nightlife is part of everyday culture.

Since 2011, Cubans have been allowed to own and trade real estate on the public housing market. However, foreigners cannot acquire, own or inherit real estate on a permanent basis. People with a residence permit can buy real estate, but after the expiration of this agreement, the ownership right will be revoked.

For foreigners, the purchase of real estate in Cuba is limited. However, there are several ways to become a homeowner in the country. One option is to acquire through a joint venture with a Cuban business. The other is the inheritance of real estate from a Cuban citizen. It should be borne in mind that the purchase process can be difficult and requires overcoming many bureaucratic obstacles.

The price of real estate in Cuba varies depending on the location and condition of the property. Prices are higher in tourist areas and lower in less developed regions. The Cuban government controls all real estate transactions, which may affect the overall investment attractiveness. In addition, before investing funds, it is necessary to take into account the current economic and political situation in the country.

Since Cuba opened its real estate market to individuals, it has become very popular. There are formal and informal real estate markets in Cuba. In the official market, purchases are made through the state, local brokers or the Internet, and prices here are significantly higher than in the informal market, which exists exclusively among the Cuban population. The sale is carried out from private to private person, exclusively through personal contacts.

Colonial-style houses in Havana and its surroundings are especially popular. Remote sites and buildings of the revolutionary era are less popular. The expected growth of the market and affordable prices make it attractive to foreign investors, but full openness of the market to foreigners is possible only with further liberalization.