Lately, many of my clients have been showing an interest in Cuban real estate. I am a big fan of Cuba and the beauty and the character of the country. However, from a property investment standpoint, I would advise you to proceed with great caution.
While you may get very excited about purchasing a piece of land at an extraordinary price, remember that Cuba, with its trade embargoes and sanctions the country's growth has been stunted for the last 50 years because of it. Therefore, you have to understand that while Cuba is a beautiful destination, there are many luxuries they do not have like we do in Cayman, and unfortunately, they are lacking many things that you may take for granted. Cuba is a tourist destination and I would go as far to say that it is not an investment destination at this stage...
Here in Cayman we have developed roads, infrastructure, education, hospitals and more. While Cuba has some of these features, they are basically 50 years behind where we are in Cayman, and don't have the technology yet to keep up.
As relationships between Cuba and other nations continue to improve, there is no doubt that they will work to catch up with more modern and developed countries. An investment in property in Cuba may be wise someday, but as for the foreseeable future it's not your best investment option.
Again, Cuba is a beautiful country with a rich culture and proud citizens. However, I believe Cayman does stand aside from the rest of the islands in the Caribbean. We like to think of ourselves as a First World country in a Third World region. We have the highest level of comfort possible in the area, and I don't see that changing for quite some time.
If you have any questions, or would like to talk about this topic further, I'm all ears. I just wanted to spark the discussion and give you my take on the subject. Thanks, and I look forward to hearing from you soon!
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