Americas
& Caribbean
An attractive year-round climate and prestigious
residential locations continue to bolster demand
Cuba USA
Cuba’s colourful past offers Demand in Florida remains stable
buyers the whole package due to its year-round climate
2009 will see the long-awaited arrival of resort property The overall story in the US residential housing market
in Cuba. The island state of Cuba has been a sought- is nothing short of dismal with significant house prices
after location for centuries and has enjoyed a rich and falls, and increasing levels of negative equity. The US
prosperous history; as recently as the 1950’s the country government has actively sought to support the housing
had one of the highest GDP per capita in the world. industry (by seizing control of mortgage giants Freddie
Now with its 11 million population, superior health Mac and Fannie Mae), but long-standing weaknesses in
care, strong infrastructure and culture, Cuba is one of the lending and financial regulatory system will need to
the most exciting property destinations in the world. be addressed.
Its first golf resort, The Carbonera Club, will be Prices in Florida dropped considerably in 2008 and
launched in spring 2009. Located on the north coast properties in the South West Florida area can now be
facing the Florida Straights, it is a joint venture between purchased at 2003 prices. South East Florida continues
Palmares SA, an organisation within the Ministry of to have a serious oversupply of inventory, especially
Tourism, and Esencia Hotels and Resorts, a British condominiums, while the South West has seen a
leisure company. significant drop in inventory levels with pending sales
The international design team including Conran, up, supporting some indications that the market in
One World and Rafael de la Hoz will deliver state of the some parts of Florida is nearing the bottom of its cycle.
art resort facilities to international standards. The 18- In general, underlying demand for properties in Florida
hole par-72 golf course will be designed by PGA Design remains stable due to the many tourist attractions in the
Consulting Ltd. n state and an average 361 days of sunshine a year. n

32 savills global residential review
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