… A combination of strict laws on both sides, however, is keeping that from being a reality.
For starters, the U.S. embargo makes it illegal for Americans to invest on the island. And while Cubans and foreign permanent residents can buy and sell freely, those who live abroad are relegated to a few tightly controlled housing enclaves that aren’t particularly a bargain.
This article analyzes the potential frenzy in Cuba’s real estate sector, as momentum picks up in wake of rapprochement talks with United States. Here are excerpts; see full article in the link below:
When the communist island began allowing citizens to buy and sell their homes almost four years ago, it was a godsend for Nieves Puig Macías. The 56-year-old retired architect is suffering from an array of health problems — from bad kidneys to a bum arm — that make it hard for her to get around her three-story home. She’s been hoping to sell it and move into a ground-level dwelling. But two years later, she says she has a new problem: greedy real-estate agents who are so keen on turning a profit that her house has languished, overpriced, on the market.
In just a few short years, Cuba’s nonexistent real-estate sector has boomed into a multifaceted, sometimes…
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