This morning, Fidel Castro, Dictator of Cuba, announced he is stepping down from his post and will not retain his presidency when it is re-upped.
Hmm…
Raul Castro, his brother and current leader of their military, has stated he would like to see many reforms occur throughout Cuba. Now here is his chance. Now, the capitalist in me thinks that the trade embargoes are on their way out the door and all of my American products will be purchased by Cuban citizens. Wishful thinking indeed. However, the pragmatist in me is screaming, “Calm down!” Change occurs both slowly and suddenly. By Raul making moderate comments in the past leads me to believe that this change will happen slowly. Here’s why.
After the Soviet Union went to pieces, Cuba’s economy went right into the toilet. Even though they are coming back to prominence, without trade on the world stage, their country’s economy will continue to resemble that of a third-world county’s economy. Poverty and massive wealth are big motivators for change, but just because Fidel is leaving power does not mean fanatics close to him are stepping down as well. Complete government change will take time to happen fully.
But Real Estate is patient and moves very slowly!
Forget being able to buy a good Cuban stogie for now. What we should be looking for are opportunities to lease or purchase prime beach-front property in Cuba. Since tourism has been consistently rising for the last 10 – 15 years, ex-patriots are finding opportunities for profit. These opportunities will come to fruition once the government of Cuba becomes more lenient on tourists, from countries as Canada and Europe purchasing vacation homes. As long as the government gets their ‘cut’, I don’t see that transaction facing too many roadblocks.
Mark my words, after the Bahamas, Havana Cuba and adjacent seaports will soon experience a boom in home prices as well as international immigration. Give it another 10 years. (But, start looking and planning now!)
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