An exquisite duplex penthouse boasting breathtaking views of both the ocean and the cityscape is now on the market in Havana's bustling El Vedado neighborhood. Promoted through the Instagram account Vedado y Más, which specializes in Havana's real estate sector, this property is nestled within a 1950s building complete with an elevator, conveniently located near Línea and Paseo Avenues.
The asking price has left many viewers astounded. The duplex penthouse is listed at a staggering $200,000. This amount is far beyond reach for the majority of Cubans, who often earn meager wages that are significantly lower than international standards. However, it may entice Cubans who have accumulated wealth abroad or foreigners eager to own a piece of Havana, the Caribbean capital.
Spanning 179 square meters, this luxurious abode is touted as an "excellent investment opportunity" by its sellers. The penthouse spans two levels: the ground floor features a spacious open-air terrace overlooking the sea and city, along with a living room, dining area, kitchen, covered patio, bathroom, and storage room. The second floor houses three bedrooms, two bathrooms, an interior hallway, and another open-air terrace.
Listings for high-end properties such as this have become increasingly common on digital platforms, where luxury homes are often priced in foreign currencies like dollars or euros. Yet, for the average Cuban earning around 4,000 pesos from a state salary, purchasing such a property is not just a distant dream—it's utterly unattainable.
Cuba's real estate market is characterized by stark inequality. While certain groups with access to remittances or foreign investments can engage in these transactions, the majority of the population struggles to meet basic needs amid a severe economic and housing crisis. This penthouse exemplifies the widening gap between market prices and the reality faced by ordinary citizens, who remain excluded from owning a decent home in the country's most sought-after areas.
Understanding the Cuban Real Estate Market
Why are property prices so high in Cuba?
Property prices in Cuba are high due to limited availability, foreign interest, and investments from Cubans abroad, all against a backdrop of economic disparity.
Who can afford luxury properties in Cuba?
Luxury properties are generally accessible to foreigners, expatriate Cubans with significant savings, or individuals with access to foreign currency, often through remittances.
How does Cuba's economic situation affect its housing market?
Cuba's economic hardships lead to a housing market where few can afford homes, exacerbating inequality and making luxury properties unattainable for most citizens.