One of the most vibrant real-estate markets in the world may be the most distorted. Old Havana is being redeveloped overnight to capture a surge of tourism. Property deals in this area have more to do with emotional appeal, than investment potential. An awkward fact: Precedent and convention are sorely lacking in a real-estate industry that is only five years old. The action is driven by Cubans abroad; foreigners cannot directly buy property. Those wedded to real-estate gentrification should deflect their attention elsewhere. Both the Zona Colonial section of Santo Domingo and the Casco Viejo district of Panama City offer more rational deal flow, at least on a relative basis. ■
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