An Art Deco-style ground-floor apartment located in the heart of El Vedado, Havana, is now on the market with a reduced price. Initially listed in April for $75,000, the owners have now lowered the price to $60,000 after receiving no purchase offers, as reported by the Instagram account @vedado_y_mas.
This property, a 1940 construction, features four bedrooms, two bathrooms, an L-shaped porch, a living room, a dining area, a kitchen, and a covered patio. It is situated close to the intersection of Línea and J streets and near the Bertolt Brecht Theater, making it a prime location within the Plaza de la Revolución municipality.
A Jewel in Havana's Real Estate Market
Despite its architectural allure and the buzz it has generated on social media—where many users have labeled it a "beauty" or "a chance"—the asking price remains out of reach for the average Cuban. With state salaries averaging around 4,500 Cuban pesos per month (less than $30 at the informal exchange rate), only a minority with access to foreign currency or relatives abroad can consider purchasing such a home.
Cuba's severe housing crisis has left thousands of families without access to adequate housing, amid a crumbling real estate market with limited buying or renting options. The building, over 80 years old, offers immediate livability but requires basic restorations such as painting, carpentry upgrades, and floor polishing—expenses that add to the already high cost of the property. Nonetheless, its architectural style and excellent location make it a true gem.
Would you consider investing in Cuban real estate given all these aspects of the property?
Understanding the Cuban Real Estate Market
Why is the price of this apartment considered high for Cubans?
The price is considered high because the average state salary in Cuba is around 4,500 Cuban pesos per month, equivalent to less than $30 in the informal market. This makes such properties affordable only to those with access to foreign currency or familial support from abroad.
What makes this apartment an attractive investment?
This apartment is considered a valuable investment due to its Art Deco architectural style, prime location in El Vedado, and proximity to cultural landmarks like the Bertolt Brecht Theater. These factors contribute to its uniqueness and potential appreciation in value.