An apartment on the ground floor, in an Art Deco building and located in a central area of El Vedado, is available for sale in Havana, and its owners have agreed to lower the price.
The apartment was listed on the real estate market in April for 75 thousand dollars. After not receiving any purchase offers, they have reduced the price to 60 thousand dollars, as announced by the Instagram account @vedado_y_mas.
The property, built in 1940, features four bedrooms, two bathrooms, an L-shaped porch, a living room, a dining room, a kitchen, and a covered patio. It is located near the intersection of Línea and J, and the Bertolt Brecht Theater, which makes it a prime location within the Plaza de la Revolución municipality.
Despite its evident architectural appeal and the enthusiasm generated on social media, where several users referred to it as "a beauty" or "an opportunity," the price remains unaffordable for the average Cuban.
In an island where the state salary hovers around 4,500 Cuban pesos per month (equivalent to less than 30 dollars on the informal exchange), the possibility of acquiring a home like this is limited to a minority with access to foreign currency or relatives abroad.
The severe housing crisis in Cuba leaves thousands of families without access to decent housing, amidst a deteriorating housing stock and few options for renting or buying.
The building is over 80 years old. This apartment, although it can be inhabited immediately, requires basic restorations such as painting, carpentry improvements, and floor polishing, tasks that add more investment to the already high costs of the property.
Nevertheless, it is an architectural gem due to its style and it truly has a very good location. Would you consider making an investment in Cuba considering all these details about the property?
Frequently asked questions about apartment sales in Havana
Why has the price of the Art Deco apartment in El Vedado been reduced?
The price of the apartment has been reduced from 75 thousand to 60 thousand dollars because it did not receive any purchase offers since it came onto the market in April. Despite its architectural appeal and prime location, the price remains unaffordable for most Cubans.
What are the characteristics of the Art Deco apartment for sale in El Vedado?
The apartment, built in 1940, features four rooms, two bathrooms, an L-shaped porch, a living room, a dining room, a kitchen, and a covered patio. It is located in a central area, near the intersection of Línea and J, and the Bertolt Brecht Theater, in the Plaza de la Revolución municipality.
Is it viable to invest in real estate in Cuba?
Investing in properties in Cuba is complicated due to the economic situation, legal restrictions, and the high costs compared to the average Cuban salary. Only a minority with access to foreign currency or Cubans living abroad can consider these investments. Additionally, many properties require further renovations, which increases the initial investment.
How does the housing crisis in Cuba affect the real estate market?
The housing crisis in Cuba is characterized by a deteriorated housing stock and few affordable options for renting or buying for the average Cuban. Real estate market prices are dollarized and out of reach for those who only have access to Cuban pesos, which exacerbates the situation for the majority of the population.
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