You know what is hot right now? Cuba!
You know why it's hot? Because it's in the Caribbean!
No, actually it's the Real Estate that is heating things up down there!
One of the hottest commodities in the world market right now is real estate in Cuba!
That's right, for the first time in over 54 years, residents in Cuba are allowed to buy and sell their own homes, thanks to Raul Castro, President of Cuba.
Back in 1962 Fidel Castro, former Cuban President, seized almost all of the foreign owned real estate in Cuba as well as property that belonged to Cubans that had left the country. The homeowners did not see one penny...or peso or their property.
You and I cannot partake is this 'real estate revolution', as foreigners are nixed from this fast paced market, but the residents of Cuba or enjoying this new found freedom. The Trading With the Enemy Act of 1961 has shut out not only Americans but Cuban Americans currently living in America from the Cuban Real Estate Market. There are, however, a couple of dozen old, run down apartment buildings in Havana that foreigners are allowed to buy, but not Americans.
Cuban residents are finding some sticky wickets when attempting to purchase a home a Cuba. Finding one is one of the biggest hurdles, since internet is basically non-existant, even cells phones are hard to come by. Another restriction placed in the market by the Government is the amount of homes that a Cuban resident can own, and that would be two. As a resident of Cuba you are allowed one home to live in and one action home.
There are rumors that Raul Castro has decided to go forward with a plan to develop a golf resort and will be selling multi-million dollar real estate to foreigners....but only foreigners who are not American.