August 31, 2010
Calling all property developers. Calling all property developers…. are you ready to head down to Cuba?
Cuba has extended land lease limits for foreign investors from 50 years to 99 years, as declared by Decree Law 273 signed by Raul Castro.
The extension is expected to make a Cuba more attractive for foreign land developers
According to the Miami Herald, foreign investors “already have detailed plans for at least four golf resorts with seven courses — including a $1 billion project.”
The El Nuevo Herald says that a $1b-project project was proposed by a Spanish and British developer that will have three golf courses surrounded by 3,000 housing units and a marina with 200 slips.
Currently, Cuba only has one 18 hole golf course and one 9 hole, as compared to the Dominican Republic, which has two-dozen.
Canadian developers are already on the band wagon. Leisure Canada wants to build hotels, villas and two golf courses on a Jibocoa beach, which is 40 miles from Havana.
Will this be the beginning of the US opening their doors? Will we start to see American style spring-break parties soon? I sure hope not. But, if the gates do ever open up, Canadian’s have a great advantage by entering the market now..