Real Estate News, Reviews and Investment
News: Cuba agrees to foreign investment with benefits galore.
Overseas investors have always endeavored to convince the government of Cuba that the only way for Cuba to move ahead is by the involvement of investors in its economic development. Finally, 99-year leases have been granted to foreign investors on government land.
Cuba already permits leases of state land up to 50 years which can be increased a further 25 years. Investors have been reluctant to proceed along these lines and have clamored for the 99-year lease. The longer lease will lower interest rates on international mortgages which will make it easier for investors to obtain loans for purchasing real estate.
Beneficiaries from the 99-year lease grant
The first benefactor from the grant will be Cuba itself when it hosts the level of development that will emerge from the granting of the leases. Its real estate will witness a boost never experienced before. Second in line will be the investors and third, the tourist arrivals who will savor the delights of real estate development.