The sixth annual Akerman U.S. Real Estate Industry Outlook Survey was released the first week of June which indicated that U.S. real estate industry leaders are more optimistic and willing to deal in investment opportunities in Cuba than other Latin American countries like Venezuela.
Despite current U.S. law not allowing Americans to invest in Cuban real estate, 180 U.S. real estate executives surveyed showed that due to potential investors being allowed to visit Cuba to explore their options, the Miami Herald reported. If the embargo is lifted, this can allow access to the Cuban real estate market, yet the government in Cuba limits the percentage of investment a foreign can hold.
And the same can work vise versa for Cuba. The Akerman U.S. Real Estate Industry Outlook Survey reported that Latin America will be the dominant source of foreign capital in the single-family home building sector. The survey also reported that Latin American capital is one of the top three inbound equity sources for commercial real estate in the U.S.
Managing partner of Akerman’s Miami office Neisen Kasdin predicted that Latin American investment will continue being prevalent in Florida and continue to spread in other states, like New York, California and Texas.
This is the first time in more than 50 years that top industry U.S. real estate professionals have viewed Cuba as a top opportunity for potential real estate investments.