Q1-Q3 2024 Featured
PlayaSardinas, Culebra,PuertoRico
Rita Pellens
PUERTORICO
MARKETUPDATE
WelcometoPuertoRico'sLuxuryMarket Report forQ1to Q32024. This report focuses exclusively on residential salespriced above$1M,in Dorado,Condado, Palmasdel Mar and BahiaBeach between January 1and September 30,2024.
PuertoRico'sluxuryresidential market continuestogrow, with average prices per sq. ft. increasing 28%year over year. Total sales volume in the luxury market has also increased15%yearoveryear.
The volume of closed transactions increased 22% in Dorado, 56%in Condado and decreased 17%in Palmas del Mar and50%inBahiaBeach.ThesenumbersinBahia Beach do not reflect adrop in demand but rather that Bldg.3of OceanDrivenewdevelopment wasdeliveredin 2023 accounting for aprox. $50M in sales volume. Excluding Ocean Drive new development closings for 2023, thevolumeof salesfor BahiaBeach in 2024 is up 121%over 2023.Averagepricesper sq.ft.increased55%in Dorado, 13% in Condado, 27% in Bahia Beach and decreased8%inPalmasdel Mar.
Real Estate Professional License 3302
Puerto Rico Sotheby's International Realty
787 397 4427 | rita pellens@sothebysrealty com
All reports published for Q1-Q3 2024 are based on data available at the time of publication, October 2024 All reports presented are based on data available form the Property Registry of PR, Stellar MLS, and other sources, and may not reflect all real estate transactions in the market. Information and accuracy deemed reliable but not guaranteed Percent changes calculated comparing the most recent statistics with the same period (Q1-Q3) the previous year
Median Sales Price
$4,637,500 $1649
Average Price per Sq.Ft.
Total
56 $362,333,835
$7,700,000
Median Sales Price
$2069
41
172
Overview
Average prices in Dorado Beach have increased 84% year over year. Theaveragepriceper squarefoot increased 77%.
Rita Pellens
RITA PELLENS
Real Estate Professional License 3302
Real EstateProfessional License3302
Puerto Rico Sotheby's International Realty
PuertoRicoSotheby'sInternational Realty 7873974427 | ritapellens@sothebysrealtypr
787 397 4427 | rita pellens@sothebysrealty com
DoradoBeach
37%of
32%of
31%of
$10M Q1-Q3 2024
$1,575,000 Median Sales Price
57 Total Units Sold $125,569,400
156
Condado Q1-Q3 2024
67%of salesrangedfrom $1-$2M
18%of salesrangedfrom$2-$3M
16%of saleswereabove $3M
$1,457,500 Median Sales Price
22
$35,601,000
Q1-Q3 2024
86%of
9%of
5%of
Median Sales Price $4,500,000
$1,575 Average Price
7
BahiaBeach
BahiaBeach
Q1-Q3 2024
14%of salesrangedfrom $1-$2M
0%of salesrangedfrom$2-$3M
43%of salesrangedfrom$3M-$5M
