Having been pummeled by Hurricane Maria in September 2017, the island of Puerto Rico is well on the road to recovery.
As a consequence of the hurricane, Puerto Rico’s real estate market was severely set back, even in areas unaffected by the hurricane.
Prices dropped significantly as investors switched their attention elsewhere.
However, as the island has made strides towards recovery, buyers have returned to capitalize on the opportunities afforded by price cuts and to tap into the potential for a very healthy Return on Investment via the vacation rental market.
Property prices have since begun to edge up again as investor interest heats up.
Sales are increasing at both the affordable and luxury ends of the market, stimulated by the return of tourism, federal aid and various tax incentives including Act 22 and the 2017 Tax Cuts and Jobs Act.
According to Act 22 (“the Individual Investors Act”), residents of Puerto Rico enjoy a personal tax rate of 0% as well as 100% exemption from tax on Puerto Rico-sourced dividends, interest, and certain capital gains.
The 2017 Tax Cuts and Jobs Act classes the entire island of Puerto Rico as an Opportunity Zone and provides buyers investing in qualifying real estate in Puerto Rico (which includes new construction property or a renovation) with the benefit of tax deferrals.
So, for buyers searching for condos for sale in Puerto Rico, here are 7 of the best apartments from across the island.
Palmas del Mar – US $229,000
These condos are some of the most affordable listings we feature in Puerto Rico. Situated in Palmas del Mar in Humacao on Puerto Rico’s eastern coast, the condos are located within a family-friendly resort with a world of amenities for children and adults alike. Amenities within the resort and the vicinity include 5 pool areas, a spacious clubhouse, 2 championship golf courses, an equestrian center, a world class marina, tennis courts, a hotel and casino, various country clubs, academic facilities for children and a variety of restaurants.
Read more: 3 bedroom condos for sale in Palmas del Mar
Rio Mar – US $520,000
With views of over the golf course and the beach, these condos in Rio Mar are perfect for both golf lovers and sun worshipers. The condo buildings are surrounded by 500 acres of grounds to explore with miles of golden sandy beaches, 2 world-class golf courses, an International Tennis Center, a spa and fitness center, over 12 restaurants and bars, lounges and entertainment venues, a casino, and inviting shops and boutiques.
Read more: 2 bedroom condos for sale in Rio Mar
Las Verandas, Bahia Beach – US $895,000
Love golf? This condo is just steps from a highly acclaimed Robert Trent Jones Jr. designed golf course. 1 of 90 units at Las Verandas at Bahia Beach (which have entirely sold out), this re-sale unit is one of the most keenly priced units available. Situated on the ground level, the condominium has a contemporary open concept interior which flows out to its own private outdoor terrace – perfect for relaxing or dining outside in the shade while enjoying the views of players on the golf course.
Las Ventanas, Bahia Beach – US $1,395,000
This re-sale condo is located at Las Ventanas at Bahia Beach which is located steps from Bahia Beach’s golf course clubhouse and the 2 mile crescent beach. Also located on the ground level, the unit features a spacious private outdoor terrace with shaded sitting and dining areas and even its own garden. So, for days when you would prefer not stroll over to the club house or beach, you can relax in privacy in your very own private green space.
Las Verandas, Bahia Beach – US $1,899,000
Occupying the penthouse level at Las Verandas, this is one of the most luxurious re-sale apartments available. The unit offers 2,536 square feet of lavish internal living space plus 1,408 square feet of east-facing outdoor living space. Unwind with the family or entertain friends in the spacious open plan interior or the expansive outdoor terrace. The choice is yours. Alternatively, enjoy all the amenities of Bahia Beach which are just a short walk away, including 2 miles of sandy beach, a beach club with pool, spa, golf course, and 4.5 miles of hiking trails through the El Yunque Rainforest.
Ocean Drive Beachfront Residences – From US $3,020,000
Searching for luxurious apartments for sale on the beach in Puerto Rico? Look no further. These brand new apartments are set right on the golden sands of a magnificent beach. The apartments are part of Bahia Beach’s newest residential offering: The Ocean Drive Beachfront Residences. Exquisitely designed throughout and benefiting from world-class services provided by St Regis, these apartments are perfect for luxury beachfront living at Bahia Beach.
Dorado Beach – From US $5,460,000
These magnificent beachfront apartments are located at the legendary Dorado Beach. The apartments are the world’s first Ritz-Carlton Reserve residences. Boasting breathtaking beach and ocean views, an unrivaled collection of amenities including a beach club, several restaurants, spa, state-of-the-art fitness and wellness center and 4 Robert Trent Jones Sr. designed championship golf courses plus services provided by Ritz-Carlton, these residences represent one of the most exclusive ownership opportunities in Puerto Rico.
Finding Your Perfect Property in Puerto Rico
So, whether you’re looking for an affordable condo or a luxurious apartment residence, there are plenty of options to consider from across Puerto Rico.
For details on all these apartments plus many others, contact 7th Heaven Properties, the Luxury Caribbean Property Specialist.
To discover more, explore Puerto Rico real estate on our website and find your perfect property in Puerto Rico with 7th Heaven Properties.