Cuba Real Estate

Dubbed as the Caribbean country with the largest number of inhabitants, Cuba, formally the Republic of Cuba, offers a one of a kind travel experience with its luscious warm temperatures and inviting blue waters. The bustling island features 110,860 square kilometers of land ready for any real estate and investment undertakings that may come its way.

Being the largest island in the West Indies, Cuba is located at the westernmost part of the Caribbean Sea just west of Haiti and the Dominican Republic, and south of Key West, Florida. Cuba is an archipelago with mountainous terrain mostly located in the southeastern and south-central islands. Elsewhere within the country, the topography is either flat or rolling.

Cuba is not only known for its white sandy beaches but also for its impressive regal architecture, exceptionally rich culture, accommodating people, and abundant fields of sugarcane. Havana, which is the largest city and capital of Cuba, is the country’s economic center and serves as the place for most investments on the Island. It also showcases real estate properties that cannot be found on any other island in the region.

The island is frequently visited by hurricanes from August to November but beyond that, Cuba has but only a few other problems for visitors. Culture Fanatics should watch out for festivals and events which are sporadic throughout the year; baseball fans will certainly get more than what they bargain for when watching the post season, which occurs during the months of April and May; those excited enough to establish a home in scenic Havana can at affordable prices, buy exquisite real estate properties; and those daring enough to be politically correct may want to note down significant events in the socialist calendar, like the Day of the National Rebellion celebrated every 26th of july and the Dia de los Trabajadores or Labor Day during the 1st day of may.

The economy of Cuba operates in two different systems; The socialist peso economy and the free-market economy. The socialist peso economy offers free necessities like education and health care services, a greater chance of employment, unemployment compensation pays, subsidies for the disabled and benefits for those old enough for retirement. This system allows basic needs like food, clothing, housing and real estate, and other utilities to be sold in the market at low prices. On the other hand, The free-market "dollarized" economy is applied to the tourism in the country, as well as the international, export and investment sectors. The free-market economy is considered to play a significant role in sustaining the workings of the socialist economy.

The Cuban form of Government follows socialist principles in its systemic state-controlled economy. Almost all of the means of production are owned and controlled by the government. Estimates in 2006 show that approximately 78% of the labor work force is working under the government sector. With a population of more or less 11 million people, the Cuban Government continues to control the production of goods and remains the principal employer, in spite of allowing a number of critically managed foreign investments in joint undertakings. To be able to keep the economy from fluctuating, Havana dynamically invites foreign investments, which are almost always established in the form of joint ventures with the Government of Cuba.

Tourism remains a prime source of income for the Government. The "tourist apartheid" system continues, with foreign investors paying in hard cash getting better benefits over citizens for food, products, services, and real estate. Tourism surpasses the Cuban sugar industry as the biggest source of revenue for Cuba. In the previous decade, Cuba tripled in its projected number of tourists, increasing their share of the Caribbean tourism market with big investments in tourism real estate and infrastructure. This development is expected to continue over the next couple of years.