Cuba granted leases on land for foreign investors for up to 99 years
Havana.- New Cuban 99 year leases granted for foreign property investors could see a raft of luxury villas, holidays homes and golf courses being built in the Island, a Canadian publication said.
A new law published last week loosened property rules to allow 99 year leases for foreigners as part of a package of measures introduced by Cuban government to scale back the state’s near total dominance of the economy while attempting to generate new revenue for the Cuban state, Property Wire news service added.
"Canadian based Leisure Canada, is pleased by the move. It wants to build hotels, villas and two golf courses on a beach in Jibacoa, 40 miles east of the capital Havana", the Canadian service said.
Cuba already allowed leases of state land for up to 50 years with the option to extend them for an additional 25. The longer leases also mean lower interest rates on international banking mortgages, making it easier for foreign investors to get loans to buy property.
"There are said to be a large number of real estate investors in Canada, Europe and Asia who want to cash in on the growing number of tourists visiting Cuba. They also hope that in the future relations between the island and the US will thaw, although both developers and buyers from the US to invest", the news service said.
Developers are also keen to cash in on the demand for golf and a number of lavish 18 holes international standard golf courses are likely. The tourism Ministry says it would like to build 10 more.
"British owned Esencia Hotels and Resorts has been at the forefront of real estate development in Cuba and has plans for a $300 million Carbonera Country Club, outside Varadero with a golf course and 800 luxury, added Property Wire. (Source: Property Wire news service)
A new law published last week loosened property rules to allow 99 year leases for foreigners as part of a package of measures introduced by Cuban government to scale back the state’s near total dominance of the economy while attempting to generate new revenue for the Cuban state, Property Wire news service added."Canadian based Leisure Canada, is pleased by the move. It wants to build hotels, villas and two golf courses on a beach in Jibacoa, 40 miles east of the capital Havana", the Canadian service said.
Cuba already allowed leases of state land for up to 50 years with the option to extend them for an additional 25. The longer leases also mean lower interest rates on international banking mortgages, making it easier for foreign investors to get loans to buy property.
"There are said to be a large number of real estate investors in Canada, Europe and Asia who want to cash in on the growing number of tourists visiting Cuba. They also hope that in the future relations between the island and the US will thaw, although both developers and buyers from the US to invest", the news service said.
Developers are also keen to cash in on the demand for golf and a number of lavish 18 holes international standard golf courses are likely. The tourism Ministry says it would like to build 10 more.
"British owned Esencia Hotels and Resorts has been at the forefront of real estate development in Cuba and has plans for a $300 million Carbonera Country Club, outside Varadero with a golf course and 800 luxury, added Property Wire. (Source: Property Wire news service)