Puerto Rico Residential Report, H1 2022
After distinguishing itself with a superior quality of life during the pandemic, re located remote workers are staying on the island. Puerto Rico entrenched itself as a favorable destination as the place to be for entrepreneurs, technology workers, and even influencers. While this trend has been in place for some time, it appears to have longer legs than many may have thought, with publications featured in Bloomberg, The New York Times, and even TMZ continuing to highlight Puerto Rico as a desirable destination with favorable taxation, business climate, and quality of life.
This influx of new migrants is concentrated in the most desirable and well-known areas of the island – mostly in San Juan. Notably, Condado Beach, Dorado Beach, and Bahia are experiencing spectacular price increases. These increases mean that the prices in these prime neighborhoods have decoupled from the rest of the island – and sparked fears of gentrification. So far, new inventory has not been able to keep up with demand, sustaining current prices. Eventually, it is expected that spillover demand from these areas will drive up the broader market.