Puerto Rico Residential Report, H2 2021
After enduring a fiscal crisis, an extended recession, a multitude of natural disasters, and a global pandemic, Puerto Rico has continued to be resilient. The Island’s resurgence is founded on its healthy business environment, its status as a part of the United States, its highly competitive tax code, its coming emergence from government debt restructuring, and its entrepreneurial spirit. As 2022 begins, we feel optimistic that Puerto Rico will continue to expand and grow.
The COVID-19 pandemic has not significantly affected the island, evidenced by the sales of Class A and luxury real estate that has continued to dominate the Puerto Rican market all throughout 2021. Act 22 has encouraged many wealthy Americans to migrate to Puerto Rico and despite the somewhat limited supply on the island, this has caused prices to surge, which has not deterred clients from closing the deal and buying the home of their dreams.