Monday, September 22, 2008

Investment opportunities

In case you have a spare few dollars in your bottom drawer, here is an investment idea that sounds as safe as, well, as investing in the share market: buy property in Cuba.

Five decades after Fidel Castro “nationalised” foreign-owned properties across the island, The Times in London reports on a project being flogged by Andrew Macdonald, a British entrepreneur who has apparently worked on "a variety of projects" in Cuba and across Latin America.

The enterprising Mr Macdonald is offering apartments in a new resort to be built at La Carbonera, which is about an hour’s drive from Havana - on the way to Varadero.

There are 165 villas on sale and an entry level, one-bedroom flat should cost about £70,000, which the paper says, is considerably cheaper than buying elsewhere in the Caribbean.

Naturally, it seems the opportunity to buy into La Carbonera is available to foreigners only, as the site will be totally self-contained, with its own grounds, sporting facilities and country club.

And just how secure will such an investment be, you ask?

Well, Mr Macdonald told the paper that property rights are “safe” in Cuba these days, although, for the time being at least, the properties will be offered on 75-year leases rather than freehold.

But fear not: this could change in the next few months, he added, as discussions are being held with the Castro regime about “the most appropriate mechanism”.


Blogger Cubanita in Colorado said...

Isn't "La Carbonera" the fishermen town near Varadero where residents were kicked out with the military not that long ago? i think I read in The Real Cuba. Shame on them... they evicted the locals to now sell the newly built property to "foreign investors". And no, this is not a case of eminent domain, this is the reality of castro's socialist paradise.

4:06 pm  

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