Cuba Could Be on the Cusp of Property Boom

andres del risco

Cuba is legalising buying and selling property at the end of this year. Currently it is illegal for people to swap homes and pay extra for upgrades.

However that looks set to change as the government promised a new revolution in real estate. There could be a huge demand for people across the world and within Cuba for housing.

Going private could put a final stamp on the end of communism, yet tight restrictions and regulations are likely to be put in place. Restrictions would suppress the market by limiting Cubans to one home or apartment and requiring full–time residency.

Compared with the changes already passed (more self-employment and mobile phone ownership) or proposed (car sales and looser emigration rules) "nothing is as big as this," said Philip Peters, an analyst at the Lexington Institute.

This could mark a huge transformation for the face of Cuba , opening the gates to privatisation will not only encourage the economy to grow but also provide a better state of living for the Cuban nation. For the first time , homes which haven’t had a market value in 50 years will suddenly be valued as assets .

The new movement will give millions of Cubans the chance to a potentially liquid asset.

Transfer Money to Cuba

If you are looking to invest in Cuba, think carefully about how you will be transferring money to Austria. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Cuba– which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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