Real Estate - Cuba | Statista Market Forecast

The Real Estate market market in Cuba is projected to reach a value of US$397.10bn in 2024.
Residential Real Estate holds the dominant position in this market, with a projected market volume of US$298.70bn in the same year.
It is expected that the market will experience an annual growth rate (CAGR 2024-2029) of 2.94%, resulting in a market volume of US$459.10bn by 2029.
In comparison to other countries, United States is expected to generate the highest value in the Real Estate market market, reaching US$132.0tn in 2024.
Cuba's real estate market is experiencing a surge in demand from international investors due to recent policy reforms and the country's unique cultural heritage.

Definition:

The real estate market refers to the transaction of properties, including residential properties (such as houses and apartments) and commercial properties, such as office buildings and industrial properties. Apart from property sales, this market includes leases and the value of real estate.

Structure:

The real estate market comprises residential and commercial real estate. The residential real estate market covers real estate transactions and leases, and residential real estate leases are divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and real estate renters as well.

Residential real estate (houses and apartments)
Commercial real estate (office buildings, retail spaces, warehouses, industrial properties)

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Real Estate market in Cuba has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Cuba are increasingly interested in investing in real estate properties, both for personal use and as an investment opportunity. This is driven by several factors, including the growing middle class and the desire for better living conditions. Additionally, the relaxation of restrictions on property ownership has also contributed to the increasing demand for real estate in the country.

Trends in the market: One major trend in the Cuban real estate market is the rise in foreign investment. With the easing of restrictions on property ownership for foreigners, there has been a surge in international buyers looking to invest in Cuban real estate. This trend is expected to continue as more individuals and companies recognize the potential for high returns on investment in the Cuban market. Another trend in the market is the development of luxury properties. As the demand for high-end housing increases, developers are focusing on building luxury properties that cater to the needs and preferences of affluent buyers. These properties often feature modern amenities and high-quality finishes, attracting buyers who are looking for a luxurious lifestyle.

Local special circumstances: One of the unique aspects of the Cuban real estate market is the presence of government regulations and restrictions. While the government has relaxed some of the rules surrounding property ownership, there are still limitations on foreign ownership and the types of properties that can be bought and sold. These regulations can impact the market dynamics and influence the availability and pricing of real estate properties.

Underlying macroeconomic factors: The growth and development of the Cuban real estate market can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has increased the purchasing power of individuals and created a favorable environment for real estate investment. Additionally, the government's efforts to attract foreign investment and promote economic development have also contributed to the growth of the real estate market. In conclusion, the Real Estate market in Cuba is experiencing significant growth and development, driven by customer preferences for better living conditions and investment opportunities. The market is characterized by the rise in foreign investment and the development of luxury properties. However, the presence of government regulations and restrictions can impact the market dynamics. Overall, the growth of the Cuban real estate market can be attributed to the country's steady economic growth and government initiatives to attract foreign investment.

Data coverage:

Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Real Estate - Cuba

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