Amid the severe housing crisis plaguing Cuba, where securing adequate accommodation is a challenge for most workers, two ground floor apartments have been listed for sale in El Vedado, one of the most sought-after areas in Havana.
However, the prices of these properties, although enticing for investors, remain out of reach for the majority of Cubans, whose average monthly salary hovers around 4,000 Cuban pesos, roughly 25 dollars at the current exchange rate.
Ground Floor Apartment in El Vedado, Near Paseo and Zapata
This apartment, situated in a three-story building from the 1940s, has hit the real estate market with a price tag of 22,000 dollars, making it a significantly high investment for an average Cuban.
Boasting a 200 m² surface area, a front garden, and a garage with double entry (one from Calle 27 and the other from Zapata), this property is ideal for those interested in starting a business or using it as a commercial space, given its size and accessibility.
Apartment in El Vedado, Near 23 and G
The second apartment, measuring 90 m², is priced at 30,000 dollars. Located near the bustling corner of 23 and G, in the heart of El Vedado, it is an excellent option for those seeking a business space in a high-traffic pedestrian and vehicular area.
Like the first option, its price makes it unattainable for a large portion of the Cuban population but attractive to investors or individuals with access to remittances from abroad.
Housing Crisis and Real Estate Market in Cuba
The sale of these ground floor properties, which could be adapted for commercial use, occurs in a context where the real estate sector in Cuba has high demand and low supply.
The steep costs of properties make homeownership an elusive dream for most Cubans. While the average monthly salary is extremely low compared to real estate prices, many buyers depend on remittances sent from abroad or foreign investments to purchase properties on the island.
This situation has created a duality in the market, where only a small sector of the population has access to these opportunities.
Frequently Asked Questions about the Real Estate Market in Cuba
In light of the housing crisis and the high prices of properties, here are some frequently asked questions and their answers regarding the real estate market in Cuba.
Why are property prices so high in Cuba?
Property prices in Cuba are high due to the severe housing shortage, high demand, and limited supply. Additionally, foreign investments and remittances play a significant role in driving up prices.
How do most Cubans afford to buy properties?
Most Cubans rely on remittances sent from family members abroad or foreign investments to afford property purchases, as the average salary is insufficient to cover the high costs of real estate.
What makes El Vedado a sought-after area in Havana?
El Vedado is considered a prime area due to its central location, historical significance, and accessibility to key landmarks and amenities in Havana, making it attractive for both residential and commercial purposes.