10 Jul 2017
Real estate and construction industry leaders convene in Havana to discuss the new opportunities in the region.
We led a three-day study tour to Havana, Cuba, gathering more than 30 global executives to trigger, gather and share insights into the Cuban real estate market, enhance their professional development and equip them for future ventures in Cuba.
Attendees included John Caulfield, former chief of mission in Cuba, US Department of State, Ted Henken of the Association for the Study of the Cuban Economy among other academics, key decision makers and influencers from real estate industry such as Macquarie Group, Newmark Grubb Knight Frank, Cushman & Wakefield, Wilton Properties, Gowling WLG and Caribbean Integra Realty Resources.
John Busi FRICS, President of Valuation & Advisory for Newmark Knight Frank, believes that the opportunity to study a country as a microcosm of a real estate market ‘stuck in time’ was extremely timely and insightful. “The ‘Cuba’ opportunity for Americans is less about the islands geography, topography, natural resources or weather patterns, but it's more about Cuban culture, which differentiates the country from many other places in the world. U.S. real estate capital should seek out this unique destination because it offers so much in return.”
According to Amy Collier, Managing Director, Head of Strategic Accounts – Americas, Cushman & Wakefield, the study tour’s primary value was access to a broad array of real estate professionals from around the world. She moderated a panel with Charles Suddaby, Cushman & Wakefield, and James Andrews, Integra Realty Resources, about a variety of valuation methodologies and techniques. “The tour was a great learning experience that I won’t soon forget,” she says.
Marcia Ferrari, Head of Development in Latin America for RICS, says that “real estate development is making a significant impact on Cuba’s economy. The government is open to improve their system - not to change it but to improve it - and to do that they will need to look for experts in facilities management, maintenance, construction, and property in general, benefiting qualified professionals able to understand and act under these conditions. The executives that were part of our tour clearly are ahead in this game.”
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