Real estate in Cuba could be the next big thing in the country, as ties between the United States and the former Communist territory are resumed to normal.
In a previous article on fortune.com, research by the IMF concluded on the rise of visitor numbers that will be flocking to Cuba would reach an estimated 10 million for this year. Inching its way to 14th place as one of the most visited Caribbean destinations gives Cuba the advantage it needs, as per Sojern study results.
Princeton consultancy owner John Boyd commented "There is a good deal of pent-up demand on the part of the American public to visit Cuba." He sees Americans and tourists alike will pour into Cuba the moment their socialist government moves forward with their reforms.
"The first wave may not be tourists, but land speculators. It's a land rush," continued Boyd. This will "dwarf all others that we have seen in the Caribbean..We are instructing our clients to factor in huge inflationary increases in land costs over the next several years as capitalism takes hold in Cuba," as mentioned in the same article.
Forbes.com also featured Cuban real estate to have significant changes in terms of establishing its ground as a prime property investment in the near future. With Raul Castro on the seat of power, the Cuban leader has already opened the doors for buying and/or selling real estate starting in 2011. Today, the home buying movement is creating a small boom in terms of home renovations. However, most of the Cuban real estate market is undoubtedly heavily involved in its renovations since constructing new homes and high rises is still quite challenging with the Cuban people's minimal profits and earnings. There's still a need for further study on the matter. Know more of this story by clicking here.
