Centro Casas to auction 70+ properties in Puerto Rico
Property auction firm Centro Casas will hold an auction of more than 70 residential and commercial properties across Puerto Rico, including in Bayamón, Guayama, Humacao, Ponce, San Juan and Culebra. The auction will take place March 15 at the Aloft San Juan Hotel.
“This auction is notable for offering a wide range of properties at affordable prices, from family residences to commercial land and apartments across the island,” said Belkys Pino, president of Centro Casas.
“The offerings range from two-bedroom homes to expansive plots, catering to a variety of needs and investment opportunities. With spaces varying in square meters and location, attendees will find unique options, whether for personal use or development projects,” she added.
Interested parties are required to make a deposit of $1,500 to acquire individual properties and $3,000 for purchases aimed at investment, commercial purposes or the acquisition of multiple units. Pino also said the auction would provide both in-person and virtual registration options, which interested parties must complete before March 8.
Pino stressed the importance of this initiative for Puerto Ricans, in a market becoming “increasingly attractive” to international investors, due to tax incentives, beautiful natural landscapes and a growing economy.
“At a time when foreign interest in our properties is growing, it’s crucial to offer Puerto Ricans the tools to invest in their land, thereby strengthening our economy and community. This auction is not just a transaction; it’s an invitation to be part of Puerto Rico’s growth and future. We invite the community to participate in this auction of valuable properties at affordable prices,” said Pino.
Centro Casas projects that the average price of a home in Puerto Rico will increase by 5% to 8% annually in the coming years, with an average increase of about 6% in the previous year.
The rental market is also expected to remain strong, with average yields potentially between 5% and 7%, making it appealing to property investors.
“However, challenges may arise due to potential regulatory changes or natural disasters affecting homeowners’ insurance rates,” Pino noted.
Despite economic uncertainties, the housing market has been resilient with a steady increase in sales and total housing unit sales from 2021 to 2023. However, demand is weakening again, with a significant 17.8% drop in the total number of homes sold year-over-year in 2022, according to Centro Casas.
“The market has shown resilience despite economic uncertainties, but demand is softening again, indicating a complex landscape where positive growth trends are met with challenges that could affect the housing market dynamics,” Centro Casas noted.
The government estimates that Puerto Rico’s current housing deficit is around 20,000 units.
