General Housing Market in Puerto Rico.
72 percent of Puerto Ricans own their homes, a higher percentage than the United States, Japan or France, according to reports from the Government Development Bank of Puerto Rico.
Most of the housing on the island is built of concrete block. Prefabs are prevalent in the lower priced units. Housing is relatively expensive, since land is at a premium at most urban locations. Construction is going on almost continuously. New construction is mostly apartment complexes instead of individual homes.
A newcomer is well advised to purchase a new or recent house instead of an older property. Repairing and/or rebuilding an older structure in Puerto Rico is a task better left to experts.
Real Estate Agents and Brokers must be licensed under Puerto Rico laws. The license number must appear in any and all ads placed by them. There are over 15,000 licenses issued in Puerto Rico, and it is estimated that approximately 3,000 are active licensed professionals. Realtors® are real estate agents and brokers who are members of the National Association of Realtors, and members are held by a higher code of ethics and are encouraged to further their education in the area of Real Estate. Designations such as CRS (Certified Residential Specialists) or GRI (Graduate of Realtor Institute) are examples of the many levels of advanced training that many real estate agents and brokers who are Realtors® hold. These of course, combined with the level of experience make important combination for a real estate profesional. Of the over 15,000 licenses in Puerto Rico, about 1,200 are Realtors®. When meeting an Agent or Broker, be sure to ask:
Are you licensed to practice real estate in Puerto Rico (ask for a business card).
Is your license is active or current.
To which Board of Realtors do you belong?
To verify, you may call the Puerto Rico Association of Realtors (787) 791-8555.
Financing for home mortgages is provided by a wide selection of financial institutions. To find a list of some of the lenders in Puerto Rico click here, or call our office (787) 593-0567
Home-mortgage interest paid to local financial institutions by bonafide residents of Puerto Rico may be claimed as a deduction in the Puerto Rico income tax return under certain circumstances. To learn more about the process of buying a home in Puerto Rico click here.
For more information feel free to access our website www.ExtraRealtyPR.com or call (787) 593-0567.
