I love the idea of having a place in Cuba. Somewhere we could retire. Maybe do a restoration on a beautiful old place that’s falling down.
How about this one?
It’s just 850,000 CUC!
The laws surrounding real estate have changed drastically in the last few years. In The Last Honest Man in Havana, which is set between the late 80s and the early 90s, you couldn’t buy, sell or rent property legally. If you left the country, you walked away from everything. One couple in our family lost three apartments they inherited when they left. Maybe when things open up in Cuba, they can try to get compensation for the nationalization of their property.
And this is the main reason I’d never buy anything down there.
Whoever is selling you the property was probably not the original owner. I mean, the pre-revolutionary owner. And once things get turned around in Cuba, it’s likely that the descendants of that person will come back for restitution. I saw this happening first hand in the Czech Republic in the mid-nineties. Many families were in court fighting for compensation or trying to get properties back.
My husband’s step-mother sold her house to a Chinese national quite recently. He set his Cuban girlfriend up there. For now he’s okay. He won’t get squatters when he’s not around and the house was in fantastic condition when it sold so he won’t be scrambling around for hard-to-resource renovation materials.
But my step-mother-in-law didn’t move there until 1991. She got it in a permuta for two beautiful apartments in Vedado. One was a luxury penthouse apartment, complete with service elevator, that belonged to her father. The other belonged to my father-in-law.
If things change, this Chinese businessman, may find his investment suddenly costs him quite a bit more. That will depend on the laws, the determination of the original owners or their descendants and their financial situations – because it will cost them too.