Auction with 120+ properties to be held at Puerto Rico Convention Center
Residential, commercial and land properties will be offered at Centro Casas’ hybrid live auction.
Centro Casas Subastas said that, on Dec. 6 at the Puerto Rico Convention Center in San Juan, it will offer accessible options for buyers in a live, “out loud” auction. The event will allow for both in-person and virtual participation and will make available more than 120 properties across the island.
Centro Casas pointed out the housing market in Puerto Rico is gaining popularity, attracting both local and international buyers. Among the key factors driving this trend are tax incentives, the island’s natural beauty and a growing economy.
The average price of a home in Puerto Rico is projected to increase between 5% and 8% annually in the coming years, with a rise of about 6% recorded last year. The rental market also remains strong, offering potential returns ranging from 5% to 7%, making it appealing to real estate investors, the auction house said. However, challenges such as potential regulatory changes or natural disasters affecting property insurance rates could impact the market.
“This auction is one of the most comprehensive we have ever organized, with properties ranging from family residences and apartments to commercial land, buildings in operation and structures ready for new development,” said Belkys Pino, president of Centro Casas Subastas.
“Among the options are an operational hospital in Manatí, a gas station available for new projects, old hotel facilities in Aguadilla and a commercial building on Calle Universitaria that currently generates income. Each of these properties represents a real investment opportunity, whether for personal or commercial use,” she said.
To ensure accessibility, participants must complete their registration by Monday, Dec. 2. Deposit options are $1,500 for residential properties and $3,000 for commercial properties or multiple acquisitions. The full property catalog and registration details are available online.
“We want everyone to have the opportunity to participate and explore the options available,” Pino added. “That is why we have made the process as transparent and simple as possible, so that anyone, regardless of location or experience, can be part of this event.”
Pino emphasized that the hybrid format facilitates participation for those in any part of the island or abroad, ensuring equal access.
“At a key moment for Puerto Rico’s real estate market, we are committed to encouraging local investment and providing opportunities that strengthen our economy,” she said. “This hybrid event is an opportunity for Puerto Ricans to invest and contribute to the development of the island. We will offer a wide variety of accessible options for all tastes and needs, ensuring that anyone interested can find the perfect opportunity to invest and grow alongside Puerto Rico.”
Market dynamics
Despite economic uncertainties, the housing market has shown resilience, with steady growth in sales and total housing units sold from 2021 to 2023. However, demand weakened with a 17.8% drop in total home sales year-over-year in 2022.
Puerto Rico continues to face challenges, including a prolonged economic crisis, massive debt, high unemployment and continued population loss, all of which impact housing market dynamics. The government estimates the current housing deficit on the island to be around 20,000 units.
The forecast for new home sale values indicates a slight decline in 2022, with a 3.2% year-over-year drop to $242.8 million, following a 15.1% increase in the prior year.
Despite these setbacks, the median home price in Puerto Rico is expected to rise between 5% and 8% annually in the coming years, reflecting a positive outlook for the market.
