Hurricane Driving Investors to Puerto Rico

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About a year ago we posted about investors snapping up real estate in pre-hurricane ravaged Puerto Rico.  Now HousingWire is reporting that interest in Puerto Rico’s real estate is, again, on the rise with investors capitalizing on the downward trend in real estate prices due to the recent hurricane damage.  They cite a recent study by Point2 Homes suggesting that U.S. mainland homebuyers are looking to purchase homes on the island within the next year.  In addition HousingWire points out that over the past eight years, PR’s median home sales price dropped 48% from $224k in 2010 to $116,750 in 2018.  Interestingly, just before Hurricane Maria hit the island, home prices were around 15% higher.  Damage from Hurricane Maria was an estimated $90 billion with housing taking the largest hit. Over 470k properties were hit by the storm and of those about 20% were completely destroyed.

“Now, as home prices continue to fall, Americans are growing more interested in buying real estate on the island. And while some of the traffic could be less serious lookers or those who are just curious, a majority of Americans said they are seriously interested in buying a home in Puerto Rico.”

Click here to read the full story on HousingWire.

 

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Director of Education & Outreach, National Real Estate Investors Association

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