Just 15 miles west of Puerto Rico’s capital city, San Juan, lies one of the most exclusive beach resorts in the country and a popular tourist destination at the same time — Dorado. The town of a little over 13,000 people has managed to preserve its resort profile and continue its activity despite Puerto Rico’s deepening economic crisis; but there’s something else that brings it under the spotlight right now: its real estate prices, which have risen by 15% in the last 3 years.
In fact, among Puerto Rico’s larger cities, Dorado is the only one to have registered home price gains since 2013. Could this be a sign that investors are seriously taking an interest in the country’s high-end market?
Home prices in Puerto Rico have decreased by as much as 56% in the last 6 years
Since 2006, when Puerto Rico — a top home buying destination in the Americas — started to show the first signs of recession, the housing markets in most cities have been seriously struggling. Although in 2010 the government worked on stimulus plans meant to slow down the fall in home prices and attract more foreign investors, the situation changed very little. In 2013, several cities did register year-over-year price increases of up t0 25% but any hope that the market would make a real come back now seems premature.
A recent study conducted by our analysts shows that the median home prices have continued to go down in most cities across the country, except for the resort city of Dorado. In Guayama and Carolina, between 2010 and 2016, the decreases reached 56% and 41% respectively, the most significant changes of all the cities we took into account for this study.*
Take a look at the table below to see how much home prices have plummeted in various cities in Puerto Rico:
* For this study we took into account Puerto Rico’s largest cities (with a city population over 13,000).
Top 4 most expensive homes in Dorado, Puerto Rico
The luxurious villas and condos in Dorado Beach and Guaynabo — both of them municipalities situated just west of San Juan — make up almost the entire list of the 10 most expensive homes in Puerto Rico.
Here are the 4 most expensive properties in Dorado Beach:
Asking price: $6,990,000 USD
10 bedrooms, 10 bathrooms, 15,000 sqft
#3. Resort Residence
Asking price: $6,500,000 USD
6 bedrooms, 10 bathrooms, 14,400 sqft
#4. Wests Beach Residences
Asking price: $4,250,000 USD
3 bedrooms, 3 bathrooms, 3,016 sqft