Economic slump drags down Puerto Rico real estate
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Puerto Rico’s housing market has been depressed for the past 18 months, after enormous price increases in the early-2000s. Puerto Rico’s economy has been in recession since 2007. Homeowners wanting to sell their residential properties have been forced to lower their selling prices.
In the capital San Juan, the average price of four-bedroom houses dropped 7.8% in 2008, according to Coldwell Banker’s House Price Comparison Index (HPCI). The average price of four-bedroom houses in San Juan was US$329,750 in 2008, down from US$357,500 in 2007. When adjusted for inflation, house prices actually plunged 15.8% over the same period.
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