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Real Estate in Puerto Rico > Information > Puerto Rico
Most tourists, especially those from cold climes, dream of owning an oceanside condominium. Hundreds of new ones are currently under construction, many in the Isla Verde hotel area with prices starting at $300,000. Condos not directly on the water are less expensive.
Another interesting investment in the San Juan Metro Area is the purchase and reconstruction of a house in Old San Juan. There are a number of properties available in the seven-block, 500-year-old city. Due to the historic nature of Old San Juan, the Institute of Puerto Rican Culture makes sure that any construction complies with its building and restoration standards. While the standards, which are intended to make sure the character of Old San Juan is preserved, do add some cost to construction, offsetting tax exemptions for these renovations are very generous.
Outside of the San Juan Metro Area, prices are generally lower and lovely houses and condos abound. One area where you might find one-time bargains is in the east coast near the Roosevelt Roads naval airbase. The base is no longer in use, and more than 8,000 acres, comprising 4% of Puerto Rico, will be put to other uses. During this transition period a lot of real estate is turning over. The departure of the base personnel and the nearby civilian population that worked at the base has left many condominiums and houses for sale at cut-rate prices. But don’t expect this to last, as eastern Puerto Rico has a lot to offer (as you can see from the prior article in this issue) and the farsighted investor may do quite well.
Other areas with significant investment opportunities are the north and west coasts. There are a number of properties, including condo-hotels, right on the beach that are currently under development or being expanded.
To find the best of these properties, it is always good to check with one of the Puerto Rico real estate companies. You will find that most major US real estate firms are represented in Puerto Rico, and there are a number of good local companies. Of course, before you make any investment decision, you should consult with your tax and financial advisors.