Cuba is the last great frontier market for real estate investors. This Pennsylvania-size island of 11.2 million people, with 2,320 miles of coastline and more than 1,000 largely undeveloped beaches, offers unprecedented value-creation opportunities and returns on investment.

Since December 2014, historic changes have transpired in the diplomatic and commercial relationships between the United States and Cuba. President Raul Castro’s government has made significant changes. A reasonably robust foreign investment law has been enacted, real estate can now be freely bought and sold by ordinary Cubans, and small and medium-size private-sector businesses have been legalized to foster an entrepreneurial class.

For the foreseeable future, Cuba will become a steadily growing destination for billions of dollars in foreign direct investment to support the nation’s economic development. The Cuban government has set a target of $2.5 billion a year, not including additional bill