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| Polina Kuzovkova |
Cubans are leaving their homeland in droves and a result of this mass exodus, much of the country’s property is listed for sale.
📌 Some are trying to enter the United States through Mexico via land - U.S. authorities have already counted 35,000 Cuban citizens last month at its southwest border. Foreign embassies are bursting at the seams, while many other Cubans are venturing towards Panama and Nicaragua before moving into the U.S.
Why the exodus?
1️⃣ Cuba’s sorry economic situation, exaggerated by the Government’s junking of the dual currency framework along with unstoppable inflation.
2️⃣ A sharp slide in tourism has ensured that most Cubans are out of cash to buy oil, food - basically everything.
3️⃣ Add a deep-rooted fear of the Government to the mix and it becomes heady, pushing more people to use the exit.
What of real estate?
Cubans fleeing their homeland are willing to offload every immovable asset, even at a loss.
Asking prices are halving in most localities like Havana and as desperation mounts, distress sales are par for the course for a cash hungry population.
What’s likely to happen?
⚠ Growing inequality and unrest.
The Cuban Government’s blaming the U.S. for mass immigration and its economic slump, slamming the long-term embargo and economic sanctions imposed by ex-President Donald Trump.
Meanwhile, property listings keep swelling endlessly. Real estate, anyone? At unbelievably throw-away prices.