Cuba's Real Estate Market Booming Amid Renewed Relations
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MIAMI (CBSMiami) -- Cuba's real estate market is booming amid renewed diplomatic relations with the United States.
According to our news partners at the Miami Herald, the market boom is heavily reliant that talks between both nations will lead to a rush of U.S. buyers wanting property on the island.
Just a few years ago, Cuba's real estate sector was non existent but now it's booming into a multifaceted industry but not without some major limits.
A combination of strict laws between both nations is limiting the market. The U.S. embargo also makes it illegal for Americans to invest on the island.
Cubans and foreign permanent residents can buy and sell but people who live abroad can only buy properties from a few tightly controlled areas on the island.
Some have found loopholes, expecting the rush.
According to the paper, some are buying properties using the names of eligible family and friends. It's a strategy that's been used since the 1990s but has since accelerated amid renewed relations.
With the expected rush, prices for many properties on the market are expected to double and triple and with a tight supply of homes legally available to foreign residents, buyers are expected to draw out premium pricing.
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