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Real estate and construction industry leaders meet in Cuba to discuss new opportunities
Published on July 8, 2017Email To Friend    Print Version

Members of the RCIS study tour in Havana

HAVANA, Cuba – RICS, a global professional body that promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, property and construction, recently 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.

John Busi, president of valuation and advisory for Newmark Grubb 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. US real estate capital should seek out this unique destination because it offers so much in return,” he said.

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 about a variety of valuation methodologies and techniques.

“The tour was a great learning experience that I won’t soon forget,” she said.

Marcia Ferrari, head of development in Latin America for RICS, said, “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.”

“There are tremendous opportunities for RICS qualified professionals in Cuba. We look forward to working with local professionals as well as global organizations in the near future to provide guidance on standards, regulations and recommend solutions to major challenges facing the built environment in the country,” said Neil Shah, managing director of RICS in the Americas.
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