If you’re looking to relocate your family or retire on the beautiful island of Puerto Rico, you should have an idea of what the housing costs look like. Puerto Rico has suffered from an economic crisis since 2007 with real estate at the heart, with prices dropping 17% since Q2 2007.
For those willing to invest, Puerto Rico is a buyers’ market.
Housing costs and values in Puerto Rico are not too far off from many areas in the United States. Costs are comparable to Atlanta, Georgia and Houston, Texas, except that property taxes and insurance are significantly lower than in a lot of places in the US. The median cost for an average house ranges from US $175,000 to US $319,000.
|Los Angeles Metro||$530,400|
|New York Metro||$381,600|
|Miami-Fort Lauderdale Metro||$206,000|
|Dallas-Fort Worth Metro||$149,300|
Source: Zilllow 12/2014
Some areas have seen price stabilization or increases of as much as 25%, including the highly competitive Dorado market. Other popular cities include San Juan, Rincón, Aguada and Ponce.
Housing Costs in San Juan
San Juan, which is the capital of Puerto Rico is a modern, progressive city. Its real estate prices are generally mirrored by the other big cities in the island. But depending on which particular place you intend to make your home, these prices may vary a bit upwards or downwards. In the city proper, when buying an apartment, the average price rate per square meter, is US $3,175.35. In the suburbs the cost per square meter runs at US $878.57.
Source: Numbeo.com 12/2014
Culebra, a small, beautiful laid-back island which is a 30 minute flight from San Juan has been called the most ideal place to live in Puerto Rico. With some of the best beaches in the world, the starting price of houses in Culebra is in the mid US $100,000’s. A nice and snugly 3-bedroom bungalow with partial views of the Ensenada Honda Bay and a tree-shaded front yard which glides down to the lively, spunky neighborhood of Villa Muñeco is going for US $160,000. A 2-bedroom house with decks/balconies on 3 sides with a great view of the harbor and a small 1-bedroom guest house is being offered at US $399,000. Larger homes, each with a huge private deck and panoramic ocean views and which includes a 3-bedroom cottage is going for US $1.65 million.
As you may have noticed, the cost gaps are wide, which only goes to show that, as in most of the prized real estate in the US, a lot of other factors do come into play in the housing prices in Puerto Rico.
If you are looking to purchase real estate in Puerto Rico, a good place to start would be by contacting real estate agencies in locations you are interested in. There tends to be a disparity between properties listed online versus what is actually available, so it’s good to work with several agents at a time as agents don’t use a centralized MLS database. Search sites like Zillow, Classificados Onlne and Point2homes for property listings and agents.
Titles, Deeds and Land Records
Land records are available through the Registros de la Propiedad. You need to know the name of the purchaser, the date of purchase and the city. To obtain certified copies write to:
P.O. Box 9020192
San Juan, Puerto Rico 00902-0192