Cuba's New Real Estate Market, Betting on the Future, Wary of the Past | Pound Ridge Real Estate

Placing zeros to the right seems to be the preferred sport of those who put a price on the homes they sell in Cuba today. A captive market at the end of the day, the buyer could find a lot of surprises in the wide range of classified ads. From owners who ask astronomical sums for their houses, sums that have nothing to do with the reality of demand, to real bargains that make you feel sorry for the naiveté of the negotiator. Many are pressured to sell, some by those with the smarts to realize that this is the time to buy a house on the Island. It is a bet on the future, if it goes wrong they lose almost everything, but if it goes well they position themselves -- in advance -- for tomorrow. The slow hurry up and the fast run at the speed of light. These are times to make haste, the end of an era could be close... say the smartest.

It's surprising to see, with barely any notion of real estate, how Cubans launch themselves into the marketing of square meters. They talk about their space, usually with an over abundance of adjectives that make you laugh or scare you. So when you read "one bedroom apartment in central Havana with mezzanine bedroom," you should understand "room in a Central Havana apartment with wooden platform." If they talk about a garden, it's best to imagine a bed with soil and plants at the entrance; and even five-bedroom residences, after a visit, are reduced to two bedrooms partitioned with cardboard. The same mistrust with which people view the photos on the social networks where young people look for partners, should be applied to housing ads here. However, you can also find real pearls in the midst of the exaggeration.

Right now there are at least three parameters that determine the final cost of a home: location, physical state of construction, and pedigree. The neighborhood has a great influence on the final value of the property. In Havana, the most prized areas are Vedado, Miramar, Central Havana, Víbora and Cerro, for their central character. The least wanted are Alamar, Reparto Eléctrico, San Miguel del Padrón and La Lisa. The poor state of public transport significantly influences people's preference for houses that are near major commercial centers with abundant spaces for entertainment. If there is a farmers market in the vicinity, the asking price goes up; if it is near the Malecon it also goes up. People shy away from the periphery, although among the "new rich," those who have accumulated a little more capital whether by legal or illegal means, the trend of looking for homes in the outskirts has begun. It is still too early, however, to speak about a trend to locate in greener and less polluted areas. For now, the main premise can be summarized as the more central the better.

Yoani Sanchez: Cuba's New Real Estate Market, Betting on the Future, Wary of the Past