10
/ Wednesday, December 15, 2021
Luxury real estate market grows stronger in Puerto Rico High-end properties is the only segment that has experienced “substantial” price increases this year
T
Juan A. Hernández, The Weekly Journal
he Corcoran Group announced last week another milestone in the firm’s expansion with the launching of Corcoran Puerto Rico, its newest affiliate and its official entrance to the Puerto Rico’s real estate market. “Continuing to create more opportunities for all of our affiliated agents and clients is at the center of this growth, and I have no doubt that this new talented team will bring the Corcoran brand to the region in a strong and exciting way,” said Pamela Liebman, president and CEO of the Corcoran Group. The new Corcoran affiliate is the product of an alliance with local Gramercy Real Estate Group, led by Puerto Rican entrepreneur Blanca H. López. “We are thrilled to put Puerto Rico on the map with this new endeavor as Corcoran Puerto Rico. This is such a prime opportunity for growth, particularly given the current booming real estate here on the island,” said López during the inauguration of Corcoran Puerto Rico new offices.
beach area range between $1,400 to $1,500 per square-foot, depending on their location and characteristics. If the property is on the beach and inside high-end resorts such as the Saint Regis in Río Grande or the Dorado Beach Resort in Dorado, prices can reach $3,000 per square foot. Corcoran Puerto Rico currently has in its inventory a 10,880 square-foot home in Guaynabo with a price tag of $7.7 million. Luxury Properties Are A Also, they have a condo in the Hot Item Condado area with an asking price of $4.2 million. A former Corcoran affiliated “Property prices in Puerto agent in New York, López has Rico compete favorably specialized in high-end home Average prices for with prices in cities like San sales and rentals and reported luxury properties Francisco and Hong Kong,” $50 million in sales this year. around the Condado added the real estate broker. Questioned about how beach area range Also influencing this segment significant the luxury segment between $1,400 to of the real estate market can be for the real estate $1,500 per squarein Puerto Rico are the tax market in Puerto Rico, López foot. said properties in this segment incentives offered by acts 20, 22 have experienced “substantial” and 60. price increases this year “Relocating has become “Demand for these easier nowadays. You can now properties has increased work remotely; Puerto Rico’s substantially, that is why prices go up. And given [geographic] location and its relation to the US, the the high demand for these properties, inventory is climate, the vibrant culture… are also incentives for running low,” López said. a family to relocate,” argued López. According to the real estate broker, average But, are prospective buyers looking for primary prices for luxury properties around the Condado housing or a second home?
In fact,
Property prices in Puerto Rico compete favorably with prices in cities like San Francisco and Hong Kong. - Blanca H. López, entrepreneur
According to López, both types of buyers are interested in coming to Puerto Rico. “Many are buying second homes or vacation homes, but there are also clients interested in buying a home to take advantage of what Puerto Rico has to offer,” said López. Aside from the real estate sales division, Corcoran Puerto Rico will also have a Sales and Marketing division and a Professional Consulting Department. The latter two concentrating in services for the development of new construction projects, including price setting, marketing strategies and construction project management. “We think it is important to be with every project from the beginning in order to develop a strategic plan covering all aspects,”López said.
