In the midst of Cuba's severe housing crisis, an apartment in the highly sought-after Nuevo Vedado area has hit the market with a price tag that far exceeds the financial reach of most workers on the island.
The property is listed with the real estate agents of Vedado y Más. It is located in a building constructed in 1950, which features only two apartments per floor. The building is situated near the Zoológico de 26, one of the most desirable living areas in Havana.
The apartment spans 88 square meters and includes a living-dining room, kitchen, two bedrooms, two bathrooms, a terrace, a patio, and a shared garage in the building's basement. Recently, the price was reduced to $38,000 from its original $45,000, which still remains unaffordable for the average salary in Cuba.
Given the current economic situation, it is likely that the property will end up being purchased by a Cuban residing abroad, either to house a family member on the island or to use as a rental property. This trend has been growing, with many expatriates investing in real estate in Cuba, while citizens within the country see the possibility of owning a home becoming increasingly remote, especially in this area of Havana.
FAQs on Housing Market in Havana
Here are some frequently asked questions and answers about the real estate market in Havana, particularly in the context of the current economic climate and property trends.
Why is the apartment in Nuevo Vedado not selling despite the price drop?
The reduced price of $38,000 is still unaffordable for most Cuban workers, whose salaries are significantly lower than what is needed to purchase such a property.
Who is most likely to buy property in Havana under the current conditions?
Properties are often purchased by Cubans living abroad who have the financial means to invest in real estate, either for family use or as rental properties.
What impact does the economic crisis have on the housing market in Havana?
The economic crisis has made it extremely difficult for local residents to afford homes, pushing many to rely on relatives abroad for financial support.