PUERTO RICO LUXURY MARKET REPORT Q1-Q3 2024

PUERTO RICO LUXURY MARKET REPORT Q1-Q3 2024

Featured listing: PR 998 Km. 3.0 PlayaSardinas, Culebra, Puerto Rico

RITA PELLENS

RITA PELLENS

Real Estate Broker License 24965 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.pr ritapellens.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

PUERTORICO MARKETUPDATE Welcome to Puerto Rico's Luxury Market Report for Q1to Q3 2024. This report focuses exclusively on residential sales priced above $1M, in Dorado, Condado, Palmas del Mar and Bahia Beach between January 1 and September 30, 2024.

Puerto Rico's luxury residential market continues to grow, with average prices per sq. ft. increasing 28% year over year. Total sales volume in the luxury market has also increased 15%year over year.

The volume of closed transactions increased 22% in Dorado, 56% in Condado and decreased 17% in Palmas del Mar and 50% in Bahia Beach. These numbers in Bahia Beach do not reflect a drop in demand but rather that Bldg. 3 of Ocean Drive new development was delivered in 2023 accounting for aprox. $50M in sales volume.

Excluding Ocean Drive new development closings for 2023, the volume of sales for Bahia Beach in 2024 is up 121% over 2023. Average prices per sq. ft. increased 55% in Dorado, 13% in Condado, 27% in Bahia Beach and decreased 8%in Palmas del Mar.

Rita Pellens All reports published Q1-Q3 2024 are based on data available at the time of publication, October Real Estate Professional Licensefor 3302 2024. All reports presented are based on data available form the Property Registry of PR, Stellar MLS,

Puerto Rico Sotheby's International Realty and other sources, and may not reflect all real estate transactions in the market. Information and deemed reliable but not guaranteed. Percent changes calculated comparing the most 787.397.4427accuracy | rita.pellens@sothebysrealty.com recent statistics with the same period (Q1-Q3) the previous year.

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Total Sales Volume $1M+ Properties

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Median SalesPrices Palmasdel Mar/Condado//BahiaBeach/ Dorado

Rita Pellens Real Estate Professional License 3302 RITA PELLENS Puerto Rico Sotheby's International Realty

Real787.397.4427 Estate Professional License 3302 | rita.pellens@sothebysrealty.com Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.pr

Avg. Price per Sq.Ft. Palmasdel Mar/Condado/BahiaBeach/Dorado

1

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

At A Glance $4,637,500 Median Sales Price

$1649 Average Price per Sq. Ft .

56

Total Units Sold

$362,333,835 Total Sales Volume

172

Avg. days on market

76 Active Listings

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Dorado Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

At A Glance $7,700,000 Median Sales Price

$2069 Average Price per Sq. Ft .

41

Total Units Sold

$339,468,835

Total Sales Volume

172 Avg. days on market

56 Active listings

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Dorado Beach Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Overview Average prices in Dorado Beach have increased 84% year over year.

The average price per square foot increased 77%.

Rita Pellens RITA PELLENS Real Estate Professional License 33023302 Real Estate Professional License

Puerto Rico Sotheby's International Realty Puerto Rico Sotheby's International Realty

787.397.4427 | rita.pellens@sothebysrealty.pr

787.397.4427 | rita.pellens@sothebysrealty.com

Dorado Beach Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Dorado Beach Q1-Q3 2024

Property sales ranged from $1,760,000 to $28,200,000.

Average Sales Price $8,279,728 Median Sales Price $7,700,000 37%of sales ranged from $1-$5M 32%of sales ranged from $5- $10M 31%of sales were above $10M

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

At A Glance $1,575,000 Median Sales Price

$755 Average Price per Sq. Ft .

57 Total Units Sold

$125,569,400 Total Sales Volume

156 Avg. days on market

92 Active Listings

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Condado Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Condado Condado Q1-Q3 2024 Q1-Q3 2024

RITA PELLENS Rita Pellens

Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.pr Real Estate Professional License 3302

787.397.4427 | rita.pellens@sothebysrealty.com

Condado Q1-Q3 2024

Property sales ranged from $1,100,000 to $13,442,400.

Average Sales Price $2,202,972 Median Sales Price $1,575,000 67%of sales ranged from $1-$2M 18%of sales ranged from $2- $3M 16%of sales were above $3M

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

At A Glance $1,457,500 Median Sales Price

$491 Average Price per Sq. Ft .

22 Total Units Sold

$35,601,000 Total Sales Volume

$176 Avg. days on market

35

Active listings

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Palmas del Mar Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Palmas del Mar Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Palmas del Mar Q1-Q3 2024 Property sales ranged from $1,000,000 to $3,450,000.

Average Sales Price $1,628,227 Median Sales Price $1,457,500 86%of sales ranged from $1-$2M 9%of sales ranged from $2- $3M 5%of sales were above $3M

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens

RITA PELLENS

Real Estate Professional License 3302 Real Estate Professional License 3302 Puerto Rico Sotheby's International Puerto Realty Rico Sotheby's International Realty

787.397.4427 | rita.pellens@sothebysrealty.pr

787.397.4427 | rita.pellens@sothebysrealty.com

At A Glance $4,500,000 Median Sales Price

$1,575 Average Price per Sq. Ft .

7 Total Units Sold

$30,501,262 Total Sales Volume

315 Avg. days on market

23 Active listings

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Bahia Beach Q1-Q3 2024

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Bahia Beach Q1-Q3 2024

Rita Pellens RITA RealPELLENS Estate Professional License 3302

Real Estate Professional License 3302 PuertoRico RicoSotheby's Sotheby's InternationalRealty Realty Puerto International 787.397.4427 | rita.pellens@sothebysrealty.pr 787.397.4427 | rita.pellens@sothebysrealty.com

Bahia Beach Q1-Q3 2024

Property sales ranged from $1,575,000 to $6,300,000.

Average Sales Price $ 4,357,323 Median Sales Price $4,500,000 14%of sales ranged from $1-$2M 0%of sales ranged from $2- $3M 43%of sales ranged from $3M-$5M

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

RITA PELLENS Rita Pellens Real Estate Professional License 3302 Puerto Rico Sotheby's International Realty 787.397.4427 | rita.pellens@sothebysrealty.com

Real Estate Broker License 24965 Puerto Rico Sotheby's International Realty 787.397.4427 |