Cuba back in the fray for real estate investments after 9 year hiatus

Written by: Staff, on April 16th, 2010

Cuba allowed the building of 16 developments between 1998 and 2001 which were sold as condos to foreigners. Buildings were built under a clause in the 1995 law 77 for foreign investment. It is rumored that the clause was designed to allow the building of hotels and when the then president, Fidel Castro, learned that Real Estate property was being sold he stopped the whole operation. Needless to say, his brother Raul has inherited a dire economic problem which somehow must be remedied somehow even if it means allowing foreigners to own property while Cuban nationals cannot. The plan would appear to appease the ex president by only allowing lease hold property for terms of 25 or 50 years rather than he previous outright perpetual ownership scenario.