President Obama’s announcement of the restoration of diplomatic relations between Havana and Washington opens the prospect of US real estate developers entering the Cuban market to address that country’s aging infrastructure and untapped potential.

Cuba is the second-most visited Caribbean country behind the Dominican Republic and currently has about 200 hotels with a total of 35,000 to 38,000 hotel rooms, according to Finance and Commerce (citing research from Jones Lang LaSalle Inc.’s hotels group). Spain’s Melia Hotels International SA and Barcelo Hotels & Resorts and France’s Novotel Hotels are among the top operators.

Tourist arrivals to Cuba increased by almost 12 percent year-over-year in October to 187,311 visitors, according to the report (showing data from the Cuban National Statistics Office). About 2.9 million tourists visited the island nation in 2013 with almost one-third of them coming from Canada.
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New York Observer reports (citing Reuters) that Cuba needs between $2 and $2.5 billion in foreign direct investment annually to grow at its designated target of 7 percent annually.

Even with the reestablishment of ties between the US and Cuba, developers would still consider the country to be high-risk for real estate investment until they see significant internal reforms to its title system, financing laws and property ownership regime.

Last Updated on December 19, 2014 by Ramin Seddiq