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Real Estate Prices in Puerto Rico

Real Estate Prices in Puerto Rico

Real Estate Prices in Puerto Rico overview:

As always, I’m very concerned with the cost of living of any place we consider for moving abroad. Through my preliminary research, see Puerto Rico’s Cost of Living, I was pleasantly surprised to see that real estate in Puerto Rico seemed to be much cheaper than in the states. So, while we were there, I took the opportunity to see for myself and dig a little deeper.

It seems that my original findings were correct – real estate prices, especially rents are much cheaper.  In fact, housing in general, including home prices, seem to be far less expensive than here in Michigan.

In this post you will find information about:

  1. Real estate prices on rentals in Puerto Rico
  2. Real estate prices on purchases in Puerto Rico
  3. Property taxes
  4. How to find real estate

Before I go into all the details I want to say that, as anywhere else, housing prices in Puerto Rico vary greatly based on the location. In San Juan, the capital city, prices are going to be much more expensive than in small towns around the island. As expected, tourist areas also tend to be more expensive but even there, if you take the time to look, you might still find some good deals.

For example, we stayed in Isla Verde, which by all accounts is a major tourist area, and most of the prices I found on rentals were expensive. However, after talking to a local waitress, I learned that she rented a place nearby for $650/mo. – now I would call that a great price considering that all the other rentals I saw were $900/mo. or more.

OK, now let me tell you more about the real estate prices…

Real Estate Prices in Puerto Rico: rentals

I was very happy to learn that prices on apartments were MUCH cheaper than in our current area. We sold our home last year and moved to a rental and we currently pay $1,100/mo. for a two-bedroom apartment – the lowest prices you can find around here are about $800-900/mo. for an apartment in a pretty crappy area. In Puerto Rico, at least the areas I’m interested, like Rincón or Fajardo, you can find a two-bedroom apartment for $450 – they look decent AND many are completely furnished!

Real Estate Prices in Puerto Rico

Here are some samples I found:

2 bedroom, 1 bath, furnished – $450

3 bedroom, 2 bath, laundry room, 2 balconies – $450

1 bedroom, 1 bath, furnished – $350 without AC or $400 including AC

1 bedroom, 1 bath, all utilities, AC, internet, private parking with electric gate, super nice neighborhood – $596

1 bedroom, 1 bath, on the beach – $450

I think you get the idea – everything is cheap! I definitely like those rental prices; they are less than half of what we currently pay.

Real Estate Prices in Puerto Rico: purchases

After getting burnt in the real estate bubble, we are not planning on buying a house anywhere for a while but I was also quite happy to find exceptionally good deals on real estate for sale. Don’t get me wrong, you can get very fancy, luxury-style homes and condos for very high prices but there are also quite a few deals to be had.

Here is a sampling:

3 bedroom, 1 bath, balcony overlooking the ocean, newly remolded – $60,000

3 bedroom, 2 bath, 1,200SF, fixer upper with a large “basement/lower area” – $75,000

2 bedroom, 1 bath, very small, newly updated with ocean view – $25,000

5 bedroom, 1 bath, 2,000SF, fixer upper – $44,900

So, as you can see, there are definitely deals to be found on houses in Puerto Rico. I like that the option to buy cheap is there, if we ever choose to.

NOTE: Puerto Rico has some weird inheritance laws on real estate, so ALWAYS buy title insurance when you purchase a home on the island.

Real Estate Prices in Puerto Rico: taxes

This may be the best news yet: real estate taxes in Puerto Rico are dirt cheap! I talked to a woman that told me that her house was valued at around $120,000 in Rincón area and last year her annual property taxes were only $300. WOW, what a deal!

You may think that’s weird but in fact, I also spoke with a real estate agent and was told that Puerto Rico has many property tax exemptions, such as if you own a home you get one or if you’re a veteran you get one, and so in reality many homes under $100,000 end up paying no property taxes at all!

Puerto Rico, in general, is excellent for cheap taxes, not just on real estate. You can avoid federal income taxes altogether, for example, but more on that in a future post.

Real Estate Prices in Puerto Rico: how to find deals

The best way to search for real estate, both rentals and sales, is in person and on location. You can simply drive down a street and find places with for rent/sale singns or you can enlist the help of a local real estate agent – although I found the English speaking ones to deal mostly in the higher-priced properties.

However, if you want to get an idea on how much you should spend on housing or  just want to look before you go, here are two websites that will help you:

Clasificados Online: http://www.clasificadosonline.com/ – mostly in Spanish

PR Craig’s Listhttp://puertorico.en.craigslist.org/ – mostly in English, be sure to change the preferred language to English.

Happy House Hunting!

If you have experience with Puerto Rico real estate prices, please share with us in the comments section!

You may also like my posts on, Puerto Rico First Impressions  and Grocery Shopping in Puerto Rico.

Joanna-

 

About Joanna

is a Polish American living in Arizona with her husband Tim. She is a founding partner of JTR Tech and she is proud to be a professional geek. She had dreamt of living abroad for many years. So, she and Tim created AbroadDreams.com to document the process of making their dream of moving abroad come true. They spent 2 years in Puerto Rico and several months in Spain and Poland. Now they are exploring the American Southwest.

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4 comments

  1. This is awesome info! Thanks so much. I’m exploring with my company now how likely it is that I can relocate to PR. I’m a remote employee working in California, so I’m hoping that my company still considers PR part of the US vs. being out of country. Thanks for your posts. 🙂

    • Hi AF,
      I’m glad you found it useful. I can’t believe how little info is out there about PR and what is out there is often contradictory. So, we’ll keep writing as we learn more.

      Joanna-

  2. Tylko kilka godzin zwiedzalismy Old San Juan, jestesmy pod wrazeniem, bardzo nam sie tam podoba, a ceny nieruchomosci na wynajem i kupna, ktore tu napisalas sa nie do pobicia!!!!