Property for sale in Havana

Visitors to Havana are often seduced by its decaying charm. Demand for scarce modern homes and offices has increased sharply as a result of growing overseas tourism and business. Real estate developers and potential home buyers are attracted by a year-round warm climate, Cuba's reputation as an unspoiled tourist destination and the absence of violent crime. But despite the big overseas interest, or perhaps because of it, Cuban officials have moved slowly and cautiously to open up the real estate market.

The government has been bombarded with dozens of project proposals from foreign developers and investors. Get more information on property for sale in Cuba

Authorized contracts involve investors from Monaco, Spain, Italy, Britain, Switzerland, Canada, Israel and Portugal.

Many visitors, whether business executives or tourists, ask: "Can I buy a property for sale in Havana?" The answer is a qualified yes.

The Havana property market remains a restricted one. Foreign home hunters who think they can simply snap up the elegant mansion or villa of their choice will be disappointed as Cuban law does not allow private Cuban properties owners to sell their property for sale freely to foreign nationals.

Nevertheless, reports of clandestine deals are widespread.

In their cautious opening, authorities have allowed foreign developers to form joint ventures with Cuban firms to refurbish existing buildings or build new ones. The Cubans generally supply the property for sale and construction force. The foreign partner provides financing and design and construction expertise.

The resulting offices or apartments are offered for hard currency sale or rent to foreign nationals or firms.