Real Estate in Puerto Rico, buyers beware

Real Estate in Puerto Rico is a good investment, especially near the coast in areas that have tourism development potential. Puerto Rico has what I call the Hong Kong effect, which is a limited ammount of land (100x35 miles) In the past years we have seen the real estate bouble burst and many properties have lost value and are worth less than the amount of money that they owe. However this is not true in some select nitches near the coast in Puerto Rico. Prices in these areas have not gone down as much as in other areas that don't have the atraction or demand that is intrinsic in a tropical beach area, some have even remained the same price. The closer you get to the beach the less devaluation has occured. This brings us back to why it's in a buyer's interest to have a broker with experience to guide them to these special areas and also to make sure that all the paperwork is in order. There are many details that have to be taken into consideration, because the real estate laws in Puerto Rico respond to spanish ( Spain) law and not to english ( England) law like in the US. People that are not used to investing in Puerto Rico are completely lost in this environment and can make mistakes especially in clear title issues. If you are not interested in my area which is western Puerto Rico, I can guide you to responsible brokers anywhere in the island. my website

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