Stephen Ross Says Cuba Isn’t Ready for Real Estate Investors

By the Cuba Journal staff

Stephen Ross may be most famous of late for his ownership of the Miami Dolphins.

But he remains one of the United States’ major real estate developers as the chairman of The Related Companies.

And while Ross recently visited Cuba, he said he wouldn’t be rushing to pump money into the island.

“You hear a lot about Cuba. You hear a lot about what opportunities there might be in Cuba. I didn't find there were lot of great opportunities. It was like going back in time,” Ross told CNBC.

Of course, in the event of a lifted Cuban embargo, Cuba’s investment climate is likely to transform in a manner largely unprecedented for any country in the modern era.

But that’s not on the mind of Ross, who cautioned on the role of Fidel and Raul Castro (the latter is stepping down in 2018).

“You need a government that really wants change, that really wants business, and really wants to see growth, and you don't really have any of that feeling at all,” Ross said.