Foreign real estate investors in Cuba are being granted leases on government land for up to 99 years in a move that could see a raft of luxury villas, holidays homes and golf courses being built.
Developers have been urging the Cuban government to open up to foreign investment and more and more tourists are arriving on the Caribbean island.
A new law published last week loosened property rules to allow 99 year leases for foreigners as part of a package of measures introduced by President Raul Castro to scale back the state’s near total dominance of the economy while attempting to generate new revenue for a government short on cash.
One developer, Canadian based Leisure Canada, is pleased by the move. It wants to build hotels, villas and two golf courses on a beach in Jibocoa, 40 miles east of the capital Havana.
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