Old Havana and Centro Habana: Are Ruins Worth Millions? A Glimpse into the Future

Cuban architect Ileana Pérez Drago, a seasoned expert in colonial restoration with extensive experience working with the Office of the Historian of Havana, presents a counterintuitive proposition: the decaying properties in Old Havana and Centro Habana could become strategic assets during Cuba's anticipated transition, due to their prime locations that future investors will covet.

"Many individuals residing in Centro Habana and Old Havana possess homes that, on their own, hold little value. However, the location itself is extremely attractive to investors," states Pérez Drago, who has lived in Madrid, Panama, and Miami, and is thoroughly familiar with Havana's built environment.

The architect elaborates on the negotiation dynamics she foresees. In an interview with CiberCuba, she explained that investors will need to reach agreements with current residents, potentially offering temporary rentals, housing in other neighborhoods, or a unit in a newly constructed building. "Their crumbling structures and inadequate facilities can be leveraged in negotiations with investors," she notes.

Pérez Drago emphasizes that the opportunity for negotiation exists because of the strategic location of these ruins. "Residents benefit from having properties in prime areas with promising futures. Old Havana and Centro Habana are set to become highly desirable locations."

Opportunities for All Investors

Pérez Drago envisions opportunities not only for large investors but also for small and medium-sized enterprises and individual entrepreneurs. "Cuba will become a land of opportunities," she asserts, while cautioning that this openness will necessitate regulation of financial flows, migration, and cultural integration.

Concerning the government's role in this transformation, the architect is straightforward: "The future administration will need to negotiate with investors to ensure that development includes social housing, and not just projects catering to private interests."

Redefining Old Havana

Contrary to popular belief, Pérez Drago clarifies that over 60% of Old Havana's buildings date back to the 20th century, due to historical demolitions, rather than being colonial. While colonial buildings have sturdy, thick walls, the wooden mezzanines are often lost. Many have been restored in past decades, mostly for hotels and institutions rather than residential use.

Economics play a significant role, she explains: "Creating a museum or cultural installation requires fewer resources than building apartments and homes, which are direly needed by the population."

The Housing Crisis Looms

These reflections unfold against the backdrop of an escalating housing crisis. Cuba officially reports a deficit of over 805,000 homes, with independent estimates predicting this could rise to 929,000 by 2026. Havana experiences approximately 1,000 building collapses annually, often resulting in tragic fatalities.

In November 2025, two people died in Old Havana, and in February 2026, a young woman was found dead in a collapsing building on Sol Street. In January, two collapses occurred within 24 hours in the same neighborhood. Only 22% of the annual housing construction plan was completed in 2025, with 2,382 of the planned 10,795 units finished.

Pérez Drago places her trust in existing institutions for the city's reconstruction: "Cuba boasts numerous institutions. The Physical Planning Institute and the Master Plan for Old Havana have been operational for years, equipped with extensive data and knowledgeable personnel."

As a UNESCO World Heritage Site since 1982, Old Havana, in Pérez Drago's view, holds exceptional value in a post-transition landscape, transforming each ruin into a bargaining chip for current inhabitants.