Christie’s International Real Estate has included Puerto Rico’s high-end real estate market in the third edition of its annual research that examines the world’s top cities for prime property. This is the first time the island is featured.
The network’s expanded annual report, “Luxury Defined,” offers insight into the world’s most luxurious real estate markets and the dynamics and drivers shaping them.
“Puerto Rico’s inclusion in Christie’s International Real Estate’s recently launched annual study on the global luxury real estate market adds yet another dimension to the island’s evolution,” said Trillion Realty Group, a participant in Puerto Rico’s luxury real estate brokerage industry.
The study features Puerto Rico for the first time as a significant emerging luxury market, one buoyed in recent years by the U.S. territory’s status as a tax haven.
“The confluence of the island’s distinct tax advantages and strong appeal as a tropical luxury destination that is a U.S. territory are enticing prospects seeking the unique, Puerto Rico lifestyle,” said Leticia Brunet-González, President of Trillion Realty Group, Christie’s International Real Estate affiliate in Puerto Rico.
“As the report showcases, Puerto Rico’s luxury real estate market is rapidly ascending, and global consumers are taking notice. The island has clearly come into its own,” she said.
Trillion Realty Group contributed to the whitepaper through its perspective of the island’s position in the luxury real estate realm.
Key findings revealed that at the more traditional luxury residential real estate price segments, the overall market experienced a steady increase in 2014, with $1 million plus home sales up by an average of 16 percent. Second home resort markets were considerably “hot” in 2014, leading the growth in luxury property sales.
Puerto Rico — with a population of 3.6 million — was cited in the report as a “prime property market,” where investors have revitalized both existing properties and the development of luxury residences.
According to the report, “residence in Puerto Rico means a shield from most federal income taxes, and prominent investors have been catching on rapidly since the law was passed in 2012.”
Trillion Realty Group has experienced record sales in the first quarter of 2015, with a sales volume significantly surpassing what has been achieved during the same period in previous years.
Among the properties sold by the brokerage between January and April of 2015, significant sales included those of unique properties such as the historic, four-acre Dorado Beach parcel once owned and lived on by Laurance Rockefeller.
Mirroring the report’s data regarding an increase in $1 million plus home sales, more than 25 percent of Trillion’s first quarter sales fell in that range.