After a stage of high expectations in , with the resumption of diplomatic relations with the U. The only factor that, for now, could revive the market would be Cubans returning to the country about 30, in the last six years in the capital , but it does not seem to be decisive. It should be stressed that the Cuban real estate market is mostly a Havana phenomenon.
Those municipalities are also the ones that have the highest prices.
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This reproduces a socio-geographical stratification that had considerably faded during the first decades of the Revolution. One of the areas where the transformations have had a greater physical impact is Old Havana, where symptoms of gentrification are already evident. There are strong private investments in the rehabilitation of old buildings to be used for tourist accommodation or services for tourism commerce, gastronomy and the investments scale is growing economically and physically initially, individual apartments or houses were purchased while currently there are already cases of buying whole buildings and parts of blocks….
The current average value of operations in the city has certainly decreased. In the first years there was a segmentation of the market into two strata, one of prices below 25, CUC for small homes, sometimes in regular or poor condition or in peripheral neighborhoods, which were the ones that could be most within reach of most of the population, and another, which included homes for more than 50, CUC to more than a million, mostly operated through foreign capital, either from relatives of Cubans residing abroad or from investors from other countries that illegally operate in Cuba through figureheads.
This could suggest a decrease in the involvement of foreign capital in the market, according to the general drop in expectations.
Therefore, by reversing the reasoning, one could also expect that, when relations with the U. The activity has its lights and shadows.
Among the first there could be an undoubted improvement in the appearance of buildings thanks to their rehabilitation, as well as the creation of a significant number of jobs both in construction work and in the gastronomy or accommodation businesses that are being created. On the other hand, the reform has put value to an asset that was practically asleep. If we conservatively evaluate the number of transactions made in the eight years in about , and an average value of 20, CUC, the activated financial volume would be about seven billion CUC, that is, about a billion a year.
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Among the negative aspects we can mention the growing social differentiation and redistribution of the population in the urban territory according to their economic capacity, as well as the illegal environment surrounding a part of the real estate businesses existence of figureheads, possible bribes, etc. Another conflicting aspect are the inconsistencies of the procedure that are evident between different institutions and regulations. The reform of the current economic and social model involved a review of fiscal instruments. This materialized in a new Tax Law in [v], in which, of the 25 expected taxes, only two have to do directly with housing: property taxes on homes and vacant lots and on the transfer of assets and inheritances.
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For homes this value has been the one declared by the parties, provided that it is equal to or higher than that stated in the title deed, which is extremely low. To identify the reference value, the constructive characteristics of the dwellings, their size and their geographical location in areas differentiated by their level of urbanization are taken into account. Although the referential assessment that is available is considerably higher between 15 and 20 times than that stated in the property titles, it is still well below the market price which can be 10 times higher.
For example, a good apartment in one of the best neighborhoods in the city Miramar is valued at 1, CUC in its title, has a reference value of 18, CUC and a market value of , CUC. The ratio is 1 — 15 — ! While it is true that Cuba was able to get rid of real estate speculation for more than 50 years through the nationalization of the majority of unbuilt urban land and the allocation of a fixed price per m2, the opening of the real estate market in has evidently created loopholes that can cause some legal disorder to the extent that foreign investors have used national figureheads to acquire buildings and profit from their commercial exploitation or from their rehabilitation and subsequent sale.
It will be important to find administrative and legal mechanisms that limit as far as possible the reappearance of speculative phenomena. The introduction of a reference value for the payment of taxes is geared at that, but it does not seem sufficient to adequately regulate the current real estate market. More strategically important will be to maintain control of currently public land to prevent the reintroduction of speculative phenomena in urban areas. Use another account. Sign in to complete account merge. Resend Email Verification. With your Rogers Media profile?http://cfcdornelles.com.br/includes/manual/empty-promises-participants-guide.php
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