Puerto Rico has been in the news lately, not for the best reasons, but if you look deeper into what is going on in Puerto Rico you may find a Caribbean location that is poised for a rebound. With many abandoned properties and plenty of open land, the price is right for investors. Here is our favorite reasons to invest in Puerto Rico real estate now.
1. Puerto Rico is a part of the United States.
The status of Puerto Rico is that of a "territory" of the US, Puerto Rican's are US citizens and the laws are based on Title 48 of the United States Code. The currency is the US dollar and banks operate within the same banking system as the US, with some differences. The ties to the US are strong through years of open travel between Puerto Rico and the United States, there are over 5 million Puerto Ricans living in the United States.
2. The "Promesa" Law Will Bring Economic Stability
Although most news about the Puerto Rican economy lately has been dire, the passage of an instrument that will help Puerto Rico deal with its debt will be a welcome sign to investors, banks and businesses that the problem is being dealt with and while it is not an easy fix, the hemorrhaging debt will be stopped and incentives will be put into place to get the Puerto Rican economy growing.
3. Puerto Rico is a Caribbean Island!
This is an obvious statement, but consideration of the Caribbean lifestyle while living in the US, is a major advantage to investing in Puerto Rican real estate. The warm climate, beautiful beaches and Caribbean warm water will always be a tremendous advantage of an island just a 3 hour airplane ride from New York and the Eastern US.
4. Great Deals on Land and Houses
The lack of growth in the Puerto Rican economy has led to an exodus of many natives to the US in search of jobs or better business opportunities. Housing prices throughout most of the island have plunged as the inventory of housing for sale has skyrocketed. Whether you are seeking to retire, work remotely or establish a business here, the housing costs will be much cheaper when compared to the mainland.
Living in Puerto Rico is not for everybody, the infrastructure is tenable, the language barrier can be intimidating, many cultural norms will not compute to many Americans, but the island offers an incredible bounty of natural resources. the abundant sun, wind and rain can provide alternative energy and off-the grid opportunities as well as agricultural advantages. When paired with the low cost of land, those seeking a simpler life can build one here. Tourism has always been a large part of the economy and is poised to be a larger part, with vacation rentals and small inns providing a great investment opportunity.