Puerto Rico real estate may vary in value according to where in particular on the island it is purchased, but it should be noted by prospective or imminent purchasers that significant concerns have been raised regarding the subject of Puerto Rico real estate.
People who purchase Puerto Rico real estate should thus be aware that they may be vulnerable to a significant loss of value in the property which they purchase and thus to the financial investment which they have made. Cautions over the Puerto Rico real estate market were issued in a strong form in 2009, following the lapse of an 18-month period in which price and market value had been noted as being widely depressed.
The Puerto Rico real estate market, in accordance with overall real estate market trends, had seen a strong period for value in the early years of the 21st century. It first began to decline along with the Puerto Rico economy as a whole in 2007.
In this period, it was first noted that Puerto Rico real estate could no longer be sold on the market unless its price was first dropped to a point beyond the initial value of the real estate price or the desired profit of the seller. The 2008 period for Puerto Rico real estate sales saw, for instance, a drop in the price at which four-bedroom San Juan residences could be sold, to a degree of nearly 8%. 2009’s first quarter saw almost 40% reduced sales for Puerto Rico real estate.
