Is Puerto Rico the Caribbean\u2019s next big luxury real estate market?<\/p>\n
A study by Christie\u2019s International Real Estate has identified Puerto Rico as one of the world\u2019s top emerging luxury real estate markets.<\/p>\n
The country\u2019s first appearance in the company\u2019s report, Luxury Defined, follows a 105 percent luxury sales growth over the course of 2013-2014, spurred by the establishment of its status as a tax haven in 2012.<\/p>\n
\u201cThe confluence of the island\u2019s 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,\u201d said Leticia Brunet Gonzalez, President of Trillion Realty Group, the exclusive Christie\u2019s International Real Estate affiliate in Puerto Rico. \u201cInvestors have also been revitalizing resort property and developing luxury residences, signaling that the Puerto Rican real estate market is ripe with opportunity.\u201d<\/span><\/p>\n The study determines a value for \u201cWhat defines luxury\u201d for homes in key regional markets\u2013 for Puerto Rico, the number is $1 million.<\/p>\n In Puerto Rico, $1 million home sales increased by an average of 16 percent over 2014, and currently comprise about 10 percent of the home market.<\/p>\n \u201cAs the report showcases, Puerto Rico\u2019s luxury real estate market is rapidly ascending, and global consumers are taking notice,\u201d Gonzalez said. The island has clearly come into its own.\u201d<\/p>\n