CubaCapital: Havana
Language(s): Spanish (Official)
Population: 11,165,000
Total Area: 110,860 km2
GDP (PPP): 2010 estimate
Total: $114.1 billion
Per capita: $9,900
Currency: Cuban peso (CUP)

Cuba, officially the Republic of Cuba is an island country in the Caribbean. The nation of Cuba comprises the main island of Cuba, the Isla de la Juventud and several archipelagos. Havana is the capital of Cuba and its largest city. The second-largest city is Santiago de Cuba To the north of Cuba lies the United States (150 km (93 mi) away), the Bahamasand the Turks and Caicos Islands are to the northeast, Mexico is to the west (210 km (130 mi) away), the Cayman Islands and Jamaica are to the south and Haiti and the Dominican Republic are to the southeast.

In Cuba, the enormous attractiveness of the island, the near-certainty of a tourism boom, and the extreme supply shortages, are likely to add up to an explosive mix for house prices.

The Cuban government approved a new policy that will permit foreigners to buy and sell residential real estate properties. Cuba's foreign investment law only allows foreigners to own real estate properties that are tourism and business related.

A popular aspect of the law will be the abolition of the government agency which regulated house swaps also known as permuta - a system much prone to abuse. The so-called permuta system has created a severe housing shortage because three to four generations of a single family often live together in small apartments. If all projects are approved, there could be as many as 11,000 condominium units built that would be available for lifetime leases.

 

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