Buying a Condo in Puerto Rico – The Ultimate Guide
We put together this guide for investors considering buying a condo in beautiful Puerto Rico.
Whether you have been thinking about buying a condominium to relocate, retire, enjoy vacations or as an investment for the rental market, this guide is designed to cover all aspects of buying an apartment from finding condos for sale in Puerto Rico through to the various steps involved in the purchase process.
The 7th Heaven Properties guide to buying a condo in Puerto Rico
Contents
Is Buying a Condo in Puerto Rico a Good Idea?
How Much Does it Cost to Buy a Condo in Puerto Rico?
Can Foreigners Own Condos in Puerto Rico?
Where are the Best Places to Buy a Condo in Puerto Rico?
How Do you Buy a Condo in Puerto Rico?
Getting a Mortgage in Puerto Rico
Investment Opportunities – Explore Condos for Sale in Puerto Rico
Is Buying a Condo in Puerto Rico a Good Idea?
Buying a condo in Puerto Rico offers investors the opportunity to own property in a Caribbean island that shares a currency and legal system with the USA and is one of the few destinations that Americans can travel to without showing a passport.
For buyers looking for an idyllic place for vacations or retirement, Puerto Rico is a fantastic choice. The landscape is spectacular, ranging from majestic forests to 300 sand beaches and the 3 of the world’s 5 bioluminescent bays. The culture is a unique blend of Spanish, American and Caribbean influences which have left their mark on the island’s cuisine and culture. Whether you’re a beach bunny in search of a quiet spot to unwind or a thrill seeker on the hunt for adrenaline-fueled action, there are countless tropical beaches, 36 nature reserves, 19 state forests and 5 wildlife refuges to discover. The island is the ideal place to enjoy a wide range of activities such as zip lining, rock climbing, golf, windsurfing and kite surfing, snorkeling and scuba diving and much more – perfect for individuals, couples and families.
As one of the Caribbean’s leading tourism destinations, an investment in a condo in Puerto Rico can have financial benefits too. The high level of visitor arrivals drives demand for high quality accommodation, which represents a significant income-generating opportunity for condo owners.
For buyers considering taking up residency in Puerto Rico, the territory also offers an attractive package of incentives for affluent investors including various tax exemptions.
Find out more about the benefits of investing in Puerto Rico.
How Much Does it Cost to Buy a Condo in Puerto Rico?
The cost of condos in Puerto Rico varies according to several factors such as location, size and perceived value.
Prices range from approximately US £250,000 for a smaller unit in a more affordable location up to approximately US $1 million to US $10,000,000 for a luxury residence at the top end of the market overlooking a championship golf course or the beach.
Can Foreigners Own a Condo in Puerto Rico?
Yes, foreign nationals can buy condos in Puerto Rico and the Government welcomes foreign investment.
There are no restrictions on foreign buyers acquiring real estate in Puerto Rico and, unlike in other destinations in the Caribbean and Central America, foreign buyers do not need to apply for any kind of license or permit to purchase property.
Property can be purchased in the name of an individual or corporation which can be more tax efficient and allow for a speedy resale.
Where are the Best Places to Buy a Condo in Puerto Rico?
That depends very much on your personal preferences, objectives and budget.
For buyers looking for condos for sale in Puerto Rico under US $500,000, Palmas del Mar real estate offers excellent value and a great location by the beach.
For buyers in search of a luxurious condominium residences in a beachfront resort community with amenities such as a championship golf club, beach club and spa within easy reach, take a look at the fabulous condos for sale in Bahia Beach and the stunning condos for sale in Dorado Beach.
Read more: Best Places to Buy Property in Puerto Rico
How Do you Buy a Condo in Puerto Rico?
Buying a condo in Puerto Rico is a relatively straight-forward process.
To secure a unit, the buyer will need to pay a non-refundable deposit which is typically 5% to 10% of the purchase price.
A notary is required to prepare the sale and purchase deed, for which there is a fee (typically paid by the seller) which amounts to up to 1% of the property value for the first US $500,000 plus 0.5% of the amount over US $500,000.
A certified copy of the deed is then recorded in the Registry of Property of Puerto Rico.
Alternatively, it is possible for a foreigner buyer to purchase a condo using a corporation. A Corporate Resolution will be prepared by a Notary which has a cost of US $300 plus Internal Revenue Stamps. The registration process can be completed in 15 days.
For more detail on the purchase process, please see our guide to buying property in Puerto Rico.
Getting a Mortgage in Puerto Rico?
It is possible to buy a condo in Puerto Rico with cash or a mortgage.
Both local and international institutions offer financing options to residents and foreign buyers alike for the purchase of residential property.
Up to 80% financing is typically available, which would therefore require a minimum down payment of 20%.
We would recommend you work with an English-speaking professional if you do not speak Spanish and that you obtain pre-approval for a loan so that you are clear on your budget before beginning your search.
As you would expect, upon receipt of your application the financial institution will conduct typical checks to assess your suitability for a mortgage.
Should your application be approved, you should expect interest rates to be higher than in the mainland USA, Canada or Europe. Mortgage terms tend to be in the region of up to 10 to 15 years.
Investment Opportunities – Explore Condos for Sale in Puerto Rico
Ready to begin your search for condos for sale in Puerto Rico?
To find investment opportunities from across the island from lavish beachfront residences in luxury branded resorts to more affordable condos in welcoming family-friendly neighborhoods, explore condos for sale in Puerto Rico on our website.
Please note that our website only showcases a sample of the condos and apartments available.
Contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to explore the full range of investment opportunities in Puerto Rico.