Feature | Global landscape
publication, is “the most exciting development
A vital
to become available for international buyers for
many decades” and exemplifies the best
building BRIC
standards available today.
“It’s Cuba’s first real estate resort with 360
acres accommodating villas designed by the UK,
Strengthening emerging nations provide new,
long-term markets for international property sales,
Spain and Italy’s finest architects and boasting
as the so-called BRIC economies show. In 2007
Conran interiors. There’s a five-star hotel, a
Brazil’s gross domestic product grew by 5.4%,
beach and water-sports club, a PGA Design
Russia by 8.1%, India by 9.2% and China by
Consultancy 18-hole golf course, a marina, a
11.4%.
yacht club. You name it, it’s there” he says. Since 2006 the growth of High Net Worth
Individuals (HNWIs) in these countries has been
Investment returns
even more spectacular. India saw 48% more,
Cuba also shows the potential for long-
Russia 32%, Brazil 31% and China 30%.
term growth, too. In addition to attracting
interest from the UK, mainland Europe and
Canada there is the prospect of vast American for the best time to re-enter the market, the
investment should US-Cuban relations thaw as yields they will enjoy when they return will be
part of the new world order – and remember, extremely high.
Cuba is just 90 miles from Florida after all. “The canniest buyers will be able to access
“This is why the future is so good, property at just about cost price, thanks to
notwithstanding the downturn. Look at the the fall in market values. They will be able to
exciting new locations from Cuba to Grenada to enjoy good rental returns and the possibility of
Montenegro, all with scope for long-term long-term capital growth, too” says Charles
growth that will lift off in the near future” Weston-Baker.
explains Vaughan. In turbulent times these reassuring factors,
The fifth and final encouraging trend for the such as long-term affluence, rising quality,
international property industry is the potential sustainable demand, reliable returns, become
for greater investment returns. even more important than usual.
While sale prices may have fallen back, for “We’ve had our negativity and our price
holiday homes and long-term investment readjustments. They’ve been painful and perhaps
properties alike, rental income has been far inevitable” says Weston-Baker. “But it’s time to
Cuba is openly welcoming
foreign investment for the first
more resilient. look forward. There are opportunities out there
time in 50 years So although investors may still be waiting if we want to grab hold of them.” n
8 savills global residential review
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