General Biz News

Study: P.R. stands out as 3rd choice for U.S. mainland homebuyers

Puerto Rico ranks third among the world’s 30 most popular locations for second-home buyers in the U.S. mainland.

Puerto Rico ranks 3rd in the top 30 locations that U.S. mainland residents look up online when they think about buying a second home, according to a study by real estate firm Point 2 Homes.

The island is outranked only by Mexico and Canada, and maintained the position it held in 2015, when the firm launched a similar report.

The firm’s research is based on U.S. users’ Google searches conducted from January 2017 to January 2018, using keywords regarding homes for sale abroad, in countries located in the Americas. These countries were ranked based on monthly search volume. Puerto Rico receives an average of 46,600 monthly searches from interested second-home buyers in the U.S. mainland.

“As one might expect, the interest in homes for sale here saw a downward trend after the devastating Hurricane María struck in September 2017. Even so, five months after the disaster, things are looking up for the island,” the study confirmed.

Electricity has been restored almost everywhere in the island, mobile reception is available in most places and hotels have started receiving guests.

“Many establishments took advantage of the situation and renovated their properties or upgraded them. Puerto Rico welcomes tourism and real estate investments as they help with the island’s rehabilitation,” Point 2 Homes noted.

For the median price of a U.S. mainland home of more or less $240,000, in Puerto Rico you can buy: a 68,534 sq. ft. ocean view lot; a 3-bedroom condo in San Juan; or aa 1-bedroom oceanside apartment in Bajura, the real estate firm added.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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